Betws Y Coed leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Betws Y Coed tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Betws Y Coed you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Virgin |
Irrespective of whether you are a tenant or a freeholder in Betws Y Coed,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 Betws Y Coed valuers.
Trailing protracted negotiations with the landlord of her leasehold flat in Betws Y Coed, Olivia started the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work was finalised in October 2005. The freeholder’s fees were restricted to less than 650 GBP.
In 2014 we were e-mailed by Mr and Mrs. L Peterson who, having was assigned a lease of a basement apartment in Betws Y Coed in March 2012. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable premises in Betws Y Coed with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed on 12 October 2078. Having 52 years remaining we approximated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of costs.
Mrs O Vincent owned a one bedroom apartment in Betws Y Coed in March 2010. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar premises in Betws Y Coed with 100 year plus lease were in the region of £218,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease came to a finish on 3 November 2089. Having 63 years remaining we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 plus costs.