Why you should start your Llandudno lease extension

Main reasons to commence your Llandudno lease extension today:

Increase your lease and increase your Llandudno property value

The market value of a leasehold property in Llandudno is impacted by how many years the lease has left to run. If it is near to or fewer than 80 years you should anticipate difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is ideal to start the lease extension process when a lease still has 82 years to run so that formalities can be concluded prior to the eighty year threshold. Current legislation entitles Llandudno qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Llandudno property with a lease extension is almost the same value as a freehold

Leasehold premises in Llandudno with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Llandudno were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Llandudno?

The conveyancing solicitors that we work with undertake Llandudno lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Llandudno Lease Extension Case Summaries:

Kai, Llandudno, Conwy

In 2014 Kai, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Llandudno. Having purchased his home twenty years ago, the unexpired term was of minimal importance. Thankfully, he noticed he would imminently be paying an escalated premium for a lease extension. Kai was able to extend his lease just ahead of time in May. Kai and the landlord eventually agreed on the final figure of £5,000 . If the lease had slipped to less than eighty years, the sum would have increased by a minimum £925.

Llandudno case:

Mr Jackson Roberts acquired a one bedroom apartment in Llandudno in July 2009. We are asked if we could approximate the price would be to extend the lease by ninety years. Comparative residencies in Llandudno with a long lease were valued around £189,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease ended on 6 November 2079. Given that there were 53 years unexpired we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.

Llandudno case:

Last Spring we were called by Mr and Mrs. L Rivera , who owned a basement apartment in Llandudno in February 2010. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparable residencies in Llandudno with a long lease were in the region of £290,000. The mid-range ground rent payable was £45 collected quarterly. The lease end date was in 2099. Given that there were 73 years unexpired we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.