Saltney leases on domestic properties are gradually losing value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Saltney will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Saltney with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| 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. |
| Godiva Mortgages | 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Saltney can be a difficult process. We recommend you obtain guidance 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 a wealth of experience procuring Saltney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Zachary was the the leasehold owner of a 2 bedroom apartment in Saltney on the market with a lease of a little over 61 years left. Zachary on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Zachary to exercise his statutory right. Zachary obtained expert advice and secured an acceptable deal informally and sell the property.
Last Christmas we were contacted by Mr Henry Thomas , who took over the lease of a garden flat in Saltney in June 2008. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical premises in Saltney with 100 year plus lease were worth £181,600. The average ground rent payable was £55 collected monthly. The lease expired on 10 August 2077. Considering the 52 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of costs.
In 2011 we were e-mailed by Mrs Hollie Wood who, having was assigned a lease of a first floor apartment in Saltney in April 2006. The dilemma was if we could estimate the premium would be to prolong the lease by ninety years. Comparable properties in Saltney with an extended lease were in the region of £285,000. The average ground rent payable was £45 billed per annum. The lease came to a finish in 2097. Given that there were 72 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.