Coedpoeth residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.
Leasehold premises in Coedpoeth with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Lease extensions in Coedpoeth can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Coedpoeth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Evan, started to get near to the 80-year mark with the lease on his studio apartment in Coedpoeth. Having bought his flat two decades ago, the lease term was of little importance. As luck would have it, he recognised he needed to take action soon on Extending the lease. Evan was able to extend his lease at the eleventh hour last September. Evan and the freeholder ultimately settled on an amount of £5,000 . If the lease had slipped lower than 80 years, the amount would have increased by a minimum £1,050.
In 2012 we were called by Mr and Mrs. H Simon who, having acquired a ground floor flat in Coedpoeth in May 2005. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative residencies in Coedpoeth with 100 year plus lease were in the region of £275,000. The average ground rent payable was £65 collected monthly. The lease ran out in 2094. Given that there were 68 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
Last Summer we were contacted by Ms Rhiannon Campbell , who moved into a recently refurbished apartment in Coedpoeth in August 2007. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparative flats in Coedpoeth with a long lease were worth £208,600. The average ground rent payable was £60 billed yearly. The lease elapsed in 2083. Having 57 years left we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus legals.