When it comes to domestic leasehold property in Dyserth, you are actually buying an entitlement to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly when there are less than eighty years left. Anyone in Dyserth with a lease nearing 81 years left should seriously think of extending it without delay. When a lease has fewer than 80 years remaining, under the current statute the freeholder is entitled to calculate and demand a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold residencies in Dyserth with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Irrespective of whether you are a tenant or a freeholder in Dyserth,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dyserth valuers.
Kyle was the the leasehold owner of a studio flat in Dyserth on the market with a lease of fraction over 61 years unexpired. Kyle on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert advice and secured an acceptable deal informally and readily saleable.
Last year we were phoned by Ms Georgia Nguyen , who took over the lease of a garden flat in Dyserth in February 2010. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable residencies in Dyserth with 100 year plus lease were valued about £295,000. The average amount of ground rent was £45 collected yearly. The lease came to a finish in 2099. Having 74 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.
Mr and Mrs. R Pérez was assigned a lease of a garden apartment in Dyserth in October 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Identical residencies in Dyserth with a long lease were valued around £248,000. The average amount of ground rent was £65 collected yearly. The lease came to a finish in 2088. Considering the 63 years remaining we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus fees.