Coedpoeth leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Coedpoeth residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Coedpoeth you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
Engaging our service gives you increased control over the value of your Coedpoeth leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy correspondence with the landlord of her two bedroom apartment in Coedpoeth, Rachel commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction was concluded in August 2006. The landlord’s charges were kept to an absolute minimum.
Dr L Scott moved into a garden flat in Coedpoeth in October 2006. The question was if we could approximate the price would be for a ninety year lease extension. Similar residencies in Coedpoeth with 100 year plus lease were valued about £300,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease terminated on 25 July 2101. Considering the 75 years left we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.
Mr and Mrs. T Rose moved into a studio apartment in Coedpoeth in August 2011. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical homes in Coedpoeth with 100 year plus lease were in the region of £250,400. The average ground rent payable was £65 collected monthly. The lease expired in 2090. Taking into account 64 years remaining we estimated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of legals.