Connahs Quay leases on residential deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease drops below eighty years - otherwise a higher amount will be payable. Leasehold owners in Connahs Quay will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not qualify. There are also strict timetables and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Connahs Quay can be a difficult process. We recommend you get guidance from a conveyancer 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 in-depth market knowledge procuring 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.
During the course of the last few months Kyle, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Connahs Quay. Having bought his home 19 years ago, the length of the lease was of little bearing. Thankfully, he became aware that he needed to take steps soon on a lease extension. Kyle extended the lease just ahead of time last April. Kyle and the freeholder via the managing agents subsequently settled on sum of £6,000 . If the lease had dipped below 80 years, the premium would have increased by at least £1,025.
Last Autumn we were contacted by Dr Ellie Rogers , who was assigned a lease of a studio flat in Connahs Quay in May 1999. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Comparable residencies in Connahs Quay with an extended lease were valued about £225,800. The average amount of ground rent was £60 collected annually. The lease ran out in 2086. Taking into account 60 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £23,800 and £27,400 not including fees.
Dr T Reed took over the lease of a one bedroom flat in Connahs Quay in March 2002. The question was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical premises in Connahs Quay with a long lease were valued about £210,000. The average ground rent payable was £50 invoiced quarterly. The lease elapsed in 2106. Given that there were 80 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.