Broad Haven leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Broad Haven will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Broad Haven with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Lease extensions in Broad Haven can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 dealing with Broad Haven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth owned a high value apartment in Broad Haven on the market with a lease of just over 59 years outstanding. Seth informally approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth procured expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Dr Caleb Nguyen purchased a ground floor apartment in Broad Haven in February 1995. The dilemma was if we could estimate the price would be to prolong the lease by a further 90 years. Comparative residencies in Broad Haven with a long lease were valued around £246,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended on 8 July 2076. Considering the 50 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 exclusive of fees.
In 2010 we were e-mailed by Dr E Nguyen who, having completed a studio apartment in Broad Haven in August 1995. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparable properties in Broad Haven with an extended lease were valued about £208,200. The mid-range ground rent payable was £65 invoiced per annum. The lease termination date was on 14 July 2087. Having 61 years unexpired we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of legals.