For anyone whose Abergavenny flat is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Virgin |
Retaining our service gives you enhanced control over the value of your Abergavenny leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful correspondence with the landlord of her ground floor apartment in Abergavenny, Isabelle started the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction was concluded in January 2014. The landlord’s fees were negotiated to under 700 pounds.
In 2012 we were called by Mr and Mrs. J Collins who, having was assigned a lease of a ground floor apartment in Abergavenny in September 1999. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Comparable premises in Abergavenny with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 collected every twelve months. The lease ran out on 8 July 2104. Given that there were 78 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including expenses.
Mr and Mrs. U Thomas acquired a newly refurbished apartment in Abergavenny in February 1995. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Similar homes in Abergavenny with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 billed per annum. The lease finished on 1 November 2084. Given that there were 58 years left we calculated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus fees.