Denbigh leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Denbigh enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Denbigh you should investigate if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
Leasehold properties in Denbigh with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Denbigh can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Denbigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex was the the leasehold proprietor of a conversion flat in Denbigh being marketed with a lease of a little over fifty eight years remaining. Alex informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Alex to invoke his statutory right. Alex procured expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.
Last Summer we were phoned by Ms Freya Lewis , who moved into a one bedroom apartment in Denbigh in May 2009. The question was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Similar homes in Denbigh with an extended lease were worth £223,400. The mid-range amount of ground rent was £60 collected quarterly. The lease came to a finish in 2085. Taking into account 59 years as a residual term we approximated the premium to the landlord to extend the lease to be between £27,600 and £31,800 not including costs.
Mr D Wood bought a recently refurbished apartment in Denbigh in September 2008. We are asked if we could approximate the price could be to extend the lease by ninety years. Identical homes in Denbigh with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 collected per annum. The lease ended in 2105. Having 79 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.