Why you should commence your Llandudno lease extension

Why you should commence your Llandudno lease extension today:

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

For those whose Llandudno home is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Nearly all mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so if they are unable to get a mortgage, then the market price of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Llandudno?

Lease extensions in Llandudno can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.

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 procuring 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 Case Summaries:

Andrew, Llandudno, Conwy,

Andrew was the the leasehold owner of a high value apartment in Llandudno on the market with a lease of a little over 61 years remaining. Andrew informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Andrew to exercise his statutory right. Andrew obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Llandudno case:

Ms H Rogers purchased a purpose-built apartment in Llandudno in November 2008. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparable flats in Llandudno with 100 year plus lease were valued around £250,400. The average amount of ground rent was £65 invoiced monthly. The lease ran out on 13 May 2090. Having 64 years left we approximated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 plus fees.

Llandudno case:

In 2011 we were contacted by Mr and Mrs. B Clark who, having purchased a first floor flat in Llandudno in January 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Llandudno with an extended lease were in the region of £189,000. The average ground rent payable was £55 billed every twelve months. The lease lapsed in 2079. Considering the 53 years outstanding we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 plus fees.