The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Abertridwr may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Abertridwr lease extension. Shelving that expense now simply escalates the price you will eventually be required to pay to extend the lease.
Leasehold properties in Abertridwr with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The lawyers that we work with undertake Abertridwr lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
After lengthy correspondence with the freeholder of her studio apartment in Abertridwr, Hollie commenced the lease extension process as the 80 year mark was fast approaching. The lease extension was finalised in March 2011. The landlord’s fees were negotiated to slightly above 500 GBP.
In 2011 we were approached by Dr N Lefèvre who, having owned a first floor apartment in Abertridwr in January 2001. The question was if we could approximate the price would be for a 90 year lease extension. Comparative premises in Abertridwr with a long lease were valued about £176,200. The average ground rent payable was £65 collected monthly. The lease finished on 24 November 2082. Given that there were 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of expenses.
Last Winter we were approach by Mr V Simon , who bought a one bedroom flat in Abertridwr in July 2004. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparative flats in Abertridwr with 100 year plus lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced per annum. The lease terminated on 7 January 2093. Given that there were 67 years remaining we estimated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of professional charges.