Betws Y Coed leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Betws Y Coed residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Betws Y Coed you should check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Betws Y Coed leaseholder with a lease having around eighty years unexpired should take steps to make sure that a lease extension is put in place without delay
Leasehold properties in Betws Y Coed with more than one hundred 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Betws Y Coed 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 Betws Y Coed lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Andrew owned a high value apartment in Betws Y Coed on the market with a lease of fraction over 59 years remaining. Andrew on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Andrew to exercise his statutory right. Andrew obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
In 2009 we were called by Mr and Mrs. P Ricardo who, having acquired a garden apartment in Betws Y Coed in May 1995. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Similar residencies in Betws Y Coed with a long lease were valued about £225,400. The mid-range ground rent payable was £45 billed annually. The lease came to a finish in 2090. Taking into account 64 years outstanding we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including fees.
Last year we were contacted by Dr Jordan Green , who purchased a basement apartment in Betws Y Coed in November 2008. The question was if we could approximate the price could be to extend the lease by 90 years. Comparative homes in Betws Y Coed with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease end date was on 22 March 2101. Taking into account 75 years left we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.