The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Abergele may extend the lease for an additional 90 years under statute. Please give careful consideration before delaying your Abergele lease extension. Putting off that expense now simply escalates the price you will eventually have to pay for a lease extension.
Leasehold properties in Abergele with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Abergele can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 a wealth of experience procuring Abergele lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
George was the the leasehold proprietor of a conversion flat in Abergele on the market with a lease of a few days over 72 years remaining. George on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were George to exercise his statutory right. George obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last year we were approach by Mr and Mrs. H Johnson , who was assigned a lease of a first floor flat in Abergele in August 2009. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparable premises in Abergele with 100 year plus lease were worth £166,400. The average amount of ground rent was £60 invoiced quarterly. The lease expired in 2078. Having 54 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus legals.
Last Winter we were approach by Mr and Mrs. W Gunderson , who took over the lease of a studio flat in Abergele in February 1997. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Abergele with an extended lease were valued about £227,800. The mid-range amount of ground rent was £45 collected annually. The lease finished on 17 October 2089. Given that there were 65 years unexpired we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.