Dulas and Nebo leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the current lease dips lower than eighty years - otherwise a higher premium will be due. Flat owners in Dulas and Nebo will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, 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. |
| 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. |
| 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. |
The conveyancing solicitors that we work with handle Dulas and Nebo lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Trailing unsuccessful negotiations with the landlord of her garden flat in Dulas and Nebo, Lucy commenced the lease extension process just as the lease was nearing the crucial 80-year deadline. The lease extension was concluded in October 2014. The freeholder’s costs were kept to an absolute minimum.
Dr Megan Martinez moved into a purpose-built flat in Dulas and Nebo in October 2003. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparative flats in Dulas and Nebo with 100 year plus lease were valued around £285,000. The average amount of ground rent was £55 billed annually. The lease terminated on 23 February 2104. Considering the 79 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.
Last Summer we were contacted by Mrs T Moreau , who bought a garden apartment in Dulas and Nebo in August 2010. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Identical properties in Dulas and Nebo with 100 year plus lease were worth £198,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease terminated on 28 March 2084. Having 59 years remaining we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of professional charges.