Top reasons for Ruthin lease extension

Main reasons to commence your Ruthin lease extension today:

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

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

An extended lease has roughly the same value as a freehold

Leasehold properties in Ruthin with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not issue a mortgage with a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone intending to buy your property in the future might well do, so where they are not able to secure a mortgage, then the value of your property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Ruthin?

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

Ruthin Lease Extension Case Studies:

Austin, Ruthin, Denbighshire

Last year Austin, came perilously near to the 80-year mark with the lease on his basement flat in Ruthin. Having purchased his flat two decades ago, the length of the lease was of no relevance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Austin extended the lease just under the wire in August. Austin and the landlord who owned the flat above in the end agreed on sum of £5,500 . If the lease had slipped below 80 years, the premium would have escalated by a minimum £975.

Ruthin case:

In 2011 we were phoned by Dr Morgan González who, having completed a first floor flat in Ruthin in July 2006. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical residencies in Ruthin with an extended lease were in the region of £260,200. The average amount of ground rent was £65 billed quarterly. The lease termination date was in 2092. Taking into account 66 years remaining we estimated the premium to the landlord to extend the lease to be between £16,200 and £18,600 plus legals.

Ruthin case:

Last Autumn we were e-mailed by Dr Amber Thompson , who owned a one bedroom apartment in Ruthin in May 2012. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative flats in Ruthin with an extended lease were in the region of £198,800. The average amount of ground rent was £55 billed quarterly. The lease end date was in 2081. Taking into account 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including fees.