Why you should start your Llandudno lease extension

Why you should commence your Llandudno lease extension today:

Increase your lease and increase your Llandudno property value

Llandudno leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease falls lower than 80 years - otherwise a higher premium will be due. Leasehold owners in Llandudno will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.

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

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. As many flats in Llandudno were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Llandudno lease extensions?

Engaging our service gives you increased control over the value of your Llandudno leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Llandudno Lease Extension Case Studies:

Jackson, Llandudno, Conwy

18 months ago Jackson, started to get close to the 80-year mark with the lease on his ground floor apartment in Llandudno. Having purchased his flat two decades ago, the lease term was of no significance. by good luck, he recognised he needed to take steps soon on a lease extension. Jackson arranged for a lease extension just ahead of time in April. Jackson and the landlord who owned the flat above ultimately settled on the final figure of £5,500 . If the lease had gone lower than eighty years, the amount would have increased by a minimum £925.

Llandudno case:

In 2013 we were phoned by Ms Elizabeth Cox who, having was assigned a lease of a basement flat in Llandudno in June 1997. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Similar properties in Llandudno with 100 year plus lease were valued around £210,000. The average ground rent payable was £50 collected every twelve months. The lease expired on 21 February 2106. Considering the 80 years remaining we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.

Llandudno case:

Last Summer we were called by Ms Lucy André , who was assigned a lease of a purpose-built flat in Llandudno in June 2004. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparative flats in Llandudno with a long lease were worth £280,000. The average ground rent payable was £45 invoiced annually. The lease expired in 2095. Considering the 69 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.