Unfortunately that a Arthog residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Arthog property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term drops under 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Arthog will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer throughout the process.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Arthog can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 a wealth of experience dealing with Arthog lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy negotiations with the freeholder of her basement apartment in Arthog, Morgan started the lease extension process just as the lease was nearing the critical 80-year deadline. The transaction completed in August 2005. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. E Evans was assigned a lease of a studio flat in Arthog in October 1995. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Comparable homes in Arthog with an extended lease were valued around £250,000. The average ground rent payable was £50 collected yearly. The lease came to a finish in 2096. Taking into account 70 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.
Last month we were called by Mr and Mrs. F Sharif , who purchased a purpose-built flat in Arthog in September 2006. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Identical residencies in Arthog with a long lease were worth £246,800. The average amount of ground rent was £60 billed monthly. The lease elapsed in 2076. Given that there were 50 years unexpired we estimated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 plus professional charges.