Borth Y Gest leases on domestic properties are gradually losing value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips below 80 years - otherwise a higher premium will be payable. Leasehold owners in Borth Y Gest will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are also strict deadlines and steps to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold properties in Borth Y Gest with more than 100 years outstanding on the lease are sometimes referred to as ‘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 reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a freeholder in Borth Y Gest,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Borth Y Gest valuers.
Off the back of unsuccessful discussions with the landlord of her leasehold apartment in Borth Y Gest, Isabella initiated the lease extension process just as her lease was approaching the crucial eighty-year threshold. The transaction was concluded in June 2008. The freeholder’s fees were negotiated to a tad over 500 pounds.
Dr A Davies purchased a basement apartment in Borth Y Gest in May 2012. The question was if we could approximate the premium would be for a 90 year extension to my lease. Comparative flats in Borth Y Gest with an extended lease were valued about £225,400. The mid-range amount of ground rent was £45 billed annually. The lease lapsed in 2089. Having 64 years unexpired we approximated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 plus legals.
Ms Abigail Pérez owned a first floor flat in Borth Y Gest in April 2005. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparable residencies in Borth Y Gest with 100 year plus lease were worth £270,000. The average ground rent payable was £55 collected quarterly. The lease ended on 17 July 2100. Taking into account 75 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.