The re-sale value of a leasehold property in Shotton depends on how many years the lease has left to run. If it is near to or fewer than 80 years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. Ideally one should start the process of extending the lease is when the lease still has 82 years remaining so that formalities can be finalised ahead of the eighty year cut off point. Leasehold Reform legislation enables Shotton qualifying lessees to a ninety year extension added to their residual lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold residencies in Shotton with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Shotton can be a difficult process. We recommend you secure 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 dealing with Shotton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy negotiations with the landlord of her ground floor apartment in Shotton, Emily initiated the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction was finalised in September 2012. The landlord’s costs were restricted to under 550 pounds.
In 2014 we were phoned by Mr M Jones who, having was assigned a lease of a one bedroom flat in Shotton in February 2006. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Identical homes in Shotton with a long lease were valued about £200,000. The average ground rent payable was £50 billed yearly. The lease concluded in 2103. Having 77 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.
Mr G Petit completed a basement apartment in Shotton in September 2011. The question was if we could estimate the price could be to extend the lease by an additional years. Identical flats in Shotton with an extended lease were worth £260,200. The average amount of ground rent was £65 invoiced every twelve months. The lease came to a finish on 27 August 2092. Considering the 66 years outstanding we estimated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 not including fees.