Why you should commence your Llandudno lease extension

Why you should start your Llandudno lease extension today:

A Llandudno leasehold property depreciates with the years remaining on the lease.

Llandudno residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

Llandudno property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Llandudno with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not lend on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Llandudno property being difficult to dispose of or remortgage.

What makes us experts in Llandudno lease extensions?

Lease extensions in Llandudno can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Llandudno lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llandudno Lease Extension Example Cases:

Seth, Llandudno, Conwy,

Seth owned a conversion flat in Llandudno on the market with a lease of a few days over 59 years outstanding. Seth on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Seth to invoke his statutory right. Seth obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Llandudno case:

In 2009 we were phoned by Mr Noah Gray who, having completed a garden apartment in Llandudno in February 2010. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical flats in Llandudno with an extended lease were worth £290,000. The average amount of ground rent was £45 invoiced yearly. The lease elapsed on 25 March 2098. Taking into account 72 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including costs.

Llandudno case:

Mr Jake Michel completed a first floor apartment in Llandudno in June 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Llandudno with 100 year plus lease were in the region of £233,200. The mid-range ground rent payable was £60 invoiced annually. The lease expired in 2087. Taking into account 61 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including fees.