Aberdaron leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Aberdaron will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain situations you may not qualify. There are prescribed timetables and steps to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank |
Using our service gives you enhanced control over the value of your Aberdaron leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Noah was the the leasehold owner of a conversion apartment in Aberdaron being sold with a lease of a little over fifty eight years left. Noah on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Noah to invoke his statutory right. Noah procured expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the property.
Ms Chantelle Vincent owned a one bedroom apartment in Aberdaron in June 2011. The dilemma was if we could estimate the price could be for a ninety year lease extension. Similar residencies in Aberdaron with 100 year plus lease were valued around £227,800. The average ground rent payable was £45 invoiced monthly. The lease expired in 2091. Having 65 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.
In 2009 we were called by Mr and Mrs. R Allen who, having purchased a one bedroom flat in Aberdaron in June 2010. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable residencies in Aberdaron with an extended lease were in the region of £275,000. The average amount of ground rent was £55 invoiced yearly. The lease expiry date was in 2102. Having 76 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.