Connahs Quay leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Connahs Quay will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some cases you may not qualify. There are also strict timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Connahs Quay can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 a wealth of experience dealing with Connahs Quay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the landlord of her studio flat in Connahs Quay, Caitlin started the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work was concluded in January 2005. The landlord’s costs were negotiated to a tad over 550 pounds.
Ms G Norbert purchased a purpose-built flat in Connahs Quay in November 2007. The question was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar premises in Connahs Quay with an extended lease were worth £216,000. The mid-range ground rent payable was £60 billed annually. The lease finished on 12 November 2084. Considering the 58 years unexpired we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus legals.
Dr Nathan Rodríguez acquired a studio apartment in Connahs Quay in October 2010. The question was if we could estimate the price could be to extend the lease by 90 years. Comparable premises in Connahs Quay with an extended lease were valued around £205,000. The average amount of ground rent was £50 collected monthly. The lease expired in 2104. Taking into account 78 years outstanding we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.