It’s a harsh certainty that a Connahs Quay residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Connahs Quay property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher amount will be due. Most flat owners in Connahs Quay will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the process.
Leasehold premises in Connahs Quay with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Santander | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service gives you better control over the value of your Connahs Quay leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted negotiations with the landlord of her ground floor flat in Connahs Quay, Sian commenced the lease extension process as the eighty year threshold was quickly approaching. The lease extension was concluded in November 2005. The landlord’s fees were restricted to slightly above 450 pounds.
Last Autumn we were called by Mr Aiden Anderson , who took over the lease of a newly refurbished flat in Connahs Quay in June 2001. We are asked if we could approximate the price could be for a ninety year lease extension. Similar premises in Connahs Quay with a long lease were valued about £257,800. The mid-range amount of ground rent was £65 billed annually. The lease end date was on 15 June 2091. Taking into account 65 years unexpired we calculated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of fees.
Mr and Mrs. P Ricardo moved into a ground floor apartment in Connahs Quay in August 1996. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical flats in Connahs Quay with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 collected every twelve months. The lease finished in 2080. Having 54 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 not including professional charges.