The market value of Denbigh leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is below than 80 years
Leasehold properties in Denbigh with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Denbigh can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in this area.
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 a wealth of experience dealing with Denbigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aiden was the the leasehold proprietor of a 2 bedroom flat in Denbigh on the market with a lease of just over sixty years remaining. Aiden on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aiden to invoke his statutory right. Aiden procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Dr J Ali completed a first floor apartment in Denbigh in April 2000. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Similar properties in Denbigh with a long lease were in the region of £248,000. The average ground rent payable was £65 collected annually. The lease lapsed in 2089. Considering the 63 years unexpired we approximated the premium to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of professional charges.
Mr and Mrs. Y Collins was assigned a lease of a newly refurbished apartment in Denbigh in March 1995. The question was if we could approximate the price would be to extend the lease by an additional years. Comparative premises in Denbigh with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 billed annually. The lease finished on 18 June 2078. Considering the 52 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus fees.