On the balance of probabilities if you own a flat in Abergele you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Yorkshire 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. |
Irrespective of whether you are a tenant or a landlord in Abergele,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Abergele valuers.
Half a year ago Leon, came critically close to the eighty-year mark with the lease on his leasehold apartment in Abergele. In buying his property 19 years ago, the unexpired term was of minimal significance. Fortunately, he realised he needed to take steps soon on Extending the lease. Leon extended the lease just in the nick of time in June. Leon and the freeholder via the managing agents in the end settled on the final figure of £5,500 . If he failed to meet the deadline, the sum would have escalated by a minimum £975.
Mr M Norbert acquired a one bedroom apartment in Abergele in January 1998. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Abergele with a long lease were worth £183,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease came to a finish in 2082. Given that there were 57 years left we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including professional charges.
Mr and Mrs. R Bailey purchased a purpose-built flat in Abergele in June 2011. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable properties in Abergele with 100 year plus lease were valued about £245,000. The mid-range amount of ground rent was £50 collected per annum. The lease finished on 5 August 2093. Given that there were 68 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.