Blaenau Ffestiniog leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Blaenau Ffestiniog will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not qualify. There are also strict timetables and steps to follow once the process has started so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Blaenau Ffestiniog with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Blaenau Ffestiniog can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 Blaenau Ffestiniog lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Daniel owned a high value flat in Blaenau Ffestiniog on the market with a lease of fraction over 59 years outstanding. Daniel informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Daniel to exercise his statutory right. Daniel obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.
In 2014 we were approached by Mr and Mrs. S Petit who, having owned a garden flat in Blaenau Ffestiniog in September 2003. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical properties in Blaenau Ffestiniog with an extended lease were worth £186,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ended on 21 March 2084. Taking into account 58 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 not including fees.
In 2011 we were called by Mr and Mrs. S Murphy who, having purchased a one bedroom flat in Blaenau Ffestiniog in June 2007. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Similar properties in Blaenau Ffestiniog with a long lease were worth £250,000. The mid-range ground rent payable was £50 billed per annum. The lease came to a finish on 13 November 2095. Considering the 69 years unexpired we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.