Blaenavon leases on domestic properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Blaenavon will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society |
Regardless of whether you are a tenant or a landlord in Blaenavon,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Blaenavon valuers.
Following protracted correspondence with the landlord of her garden apartment in Blaenavon, Rachel started the lease extension process just as her lease was nearing the crucial eighty-year deadline. The lease extension completed in March 2013. The landlord’s fees were negotiated to less than 700 GBP.
Last year we were phoned by Mr and Mrs. J Díaz , who took over the lease of a studio apartment in Blaenavon in November 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Blaenavon with an extended lease were worth £256,600. The average amount of ground rent was £60 invoiced yearly. The lease elapsed on 20 September 2078. Having 52 years left we approximated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 plus professional charges.
Last Christmas we were contacted by Dr Aaron Morgan , who bought a one bedroom flat in Blaenavon in January 2002. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical properties in Blaenavon with an extended lease were valued about £218,000. The mid-range ground rent payable was £45 collected quarterly. The lease expired on 13 January 2089. Having 63 years outstanding we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of expenses.