The market value of a leasehold property in Dulas and Nebo depends on how long the lease has remaining. If it is close to or less than eighty years you should expect problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. Ideally one should start the lease extension process when a lease still has 82 years unexpired so that formalities can be concluded in advance of the 80 year cut off point. Current legislation enables Dulas and Nebo qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 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 |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service will provide you better control over the value of your Dulas and Nebo leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful discussions with the freeholder of her basement apartment in Dulas and Nebo, Mia commenced the lease extension process just as the lease was approaching the crucial 80-year mark. The lease extension completed in November 2009. The freeholder’s fees were restricted to approximately 450 GBP.
In 2013 we were phoned by Mr T Vincent who, having owned a purpose-built apartment in Dulas and Nebo in October 2005. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Identical residencies in Dulas and Nebo with 100 year plus lease were worth £246,800. The average ground rent payable was £60 collected annually. The lease concluded in 2076. Taking into account 50 years remaining we approximated the premium to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of fees.
Dr L Lefebvre owned a newly refurbished flat in Dulas and Nebo in March 2002. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Similar homes in Dulas and Nebo with a long lease were valued around £208,200. The average ground rent payable was £65 invoiced yearly. The lease ran out in 2087. Given that there were 61 years left we approximated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of professional charges.