As the length of the unexpired term of a Arthog residential lease lessens so does its value and therefore the value of your property. Where the residual term has, more than 99 years remaining then this decrease may be fractional however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner than later. The majority of flat owners in Arthog will qualify for this right; nevertheless a conveyancing solicitor should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Arthog can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Arthog lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Seth, came very close to the 80-year threshold with the lease on his one bedroom apartment in Arthog. In buying his flat 18 years ago, the unexpired term was of minimal concern. Thankfully, he recognised he needed to take action soon on Extending the lease. Seth extended the lease at the eleventh hour in August. Seth and the landlord who owned the flat above eventually settled on an amount of £5,000 . If he had missed the deadline, the sum would have escalated by a minimum £975.
In 2009 we were contacted by Mr Alex Morel who, having moved into a one bedroom flat in Arthog in June 1997. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparative homes in Arthog with a long lease were valued about £186,000. The average amount of ground rent was £65 collected per annum. The lease concluded on 21 July 2084. Having 58 years remaining we approximated the compensation to the freeholder for the lease extension to be within £24,700 and £28,600 plus fees.
Last Christmas we were approach by Mr T Lewis , who took over the lease of a first floor flat in Arthog in May 2008. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in Arthog with 100 year plus lease were worth £250,000. The average ground rent payable was £50 billed per annum. The lease elapsed in 2095. Given that there were 69 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.