Caernarfon leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Caernarfon will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some circumstances you may not qualify. There are also strict deadlines and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
Leasehold properties in Caernarfon with over 100 years unexpired 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 upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Caernarfon can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
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 a wealth of experience dealing with Caernarfon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful discussions with the freeholder of her garden flat in Caernarfon, Georgia started the lease extension process as the eighty year mark was fast nearing. The lease extension was finalised in September 2009. The landlord’s fees were kept to an absolute minimum.
Last Spring we were phoned by Mr and Mrs. K Sharif , who purchased a one bedroom apartment in Caernarfon in March 2008. The question was if we could approximate the premium would likely be to extend the lease by an additional years. Similar properties in Caernarfon with a long lease were worth £201,200. The average ground rent payable was £55 collected quarterly. The lease terminated on 19 January 2082. Considering the 56 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of legals.
In 2011 we were phoned by Ms Isobel Torres who, having was assigned a lease of a garden flat in Caernarfon in November 2002. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Identical residencies in Caernarfon with 100 year plus lease were valued about £300,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease terminated in 2102. Considering the 76 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including fees.