On the balance of probabilities where you own a flat in Coedpoeth you actually own a long leasehold interest over your property
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Coedpoeth can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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.
Harvey was the the leasehold owner of a high value flat in Coedpoeth being marketed with a lease of a few days over 72 years unexpired. Harvey informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harvey to exercise his statutory right. Harvey obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
In 2014 we were approached by Mr Evan Rodríguez who, having acquired a one bedroom apartment in Coedpoeth in August 2004. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparative premises in Coedpoeth with 100 year plus lease were in the region of £243,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease elapsed on 20 November 2089. Considering the 63 years left we estimated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 plus costs.
Mr and Mrs. J Carter was assigned a lease of a one bedroom flat in Coedpoeth in November 1995. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Comparable properties in Coedpoeth with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 invoiced per annum. The lease ended on 5 May 2078. Considering the 52 years remaining we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus professional charges.