Unfortunately that a Dyserth residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Dyserth property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining falls below eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Dyserth will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.
It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Dyserth can be a difficult process. We recommend you procure guidance from a lawyer 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 Dyserth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the freeholder of her two bedroom apartment in Dyserth, Rebecca started the lease extension process as the 80 year mark was swiftly approaching. The transaction was finalised in August 2014. The landlord’s costs were negotiated to less than 450 GBP.
In 2013 we were phoned by Mr and Mrs. T Sánchez who, having was assigned a lease of a recently refurbished apartment in Dyserth in March 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar properties in Dyserth with an extended lease were valued around £174,200. The mid-range ground rent payable was £55 billed yearly. The lease concluded on 28 November 2076. Taking into account 51 years unexpired we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus costs.
Last Spring we were contacted by Mr and Mrs. G Dupont , who acquired a first floor flat in Dyserth in November 2008. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparable flats in Dyserth with an extended lease were worth £285,000. The average amount of ground rent was £45 collected yearly. The lease terminated on 20 April 2096. Taking into account 71 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.