The nearer a residential lease in Saltney gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Saltney will meet the qualifying criteria; that being said a conveyancing solicitor should be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you better control over the value of your Saltney leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful correspondence with the landlord of her first floor apartment in Saltney, Kate started the lease extension process just as the lease was nearing the crucial 80-year mark. The transaction was finalised in October 2015. The freeholder’s costs were kept to an absolute minimum.
In 2012 we were contacted by Mr Y Carter who, having moved into a studio apartment in Saltney in August 2009. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable homes in Saltney with an extended lease were in the region of £270,000. The mid-range ground rent payable was £65 collected every twelve months. The lease concluded on 10 March 2093. Given that there were 68 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.
Last Spring we were e-mailed by Mr and Mrs. N Hill , who acquired a ground floor flat in Saltney in April 2009. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable residencies in Saltney with a long lease were valued around £208,600. The average ground rent payable was £60 invoiced every twelve months. The lease concluded in 2082. Having 57 years unexpired we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus fees.