Dyserth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Dyserth residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Dyserth you must investigate if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
|Barnsley Building Society||60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.|
|Coventry Building Society||A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.|
|Godiva Mortgages||A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.|
|Halifax||Minimum 70 years from the date of the mortgage.|
|Lloyds TSB Scotland||Mortgage term plus 30 years subject to an overall minimum term of 70 years|
Lease extensions in Dyserth can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Dyserth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Adam, came precariously close to the 80-year threshold with the lease on his ground floor apartment in Dyserth. In buying his flat 18 years ago, the length of the lease was of minimal significance. As luck would have it, he noticed he needed to take steps soon on a lease extension. Adam arranged for a lease extension just in the nick of time last June. Adam and the freeholder via the management company subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have become more costly by a minimum £950.
In 2013 we were phoned by Dr E Johnson who, having acquired a recently refurbished flat in Dyserth in April 2003. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparable residencies in Dyserth with a long lease were worth £200,000. The mid-range amount of ground rent was £50 billed quarterly. The lease elapsed on 27 May 2099. Taking into account 78 years outstanding we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.
In 2014 we were e-mailed by Mr and Mrs. U Watson who, having acquired a one bedroom apartment in Dyserth in March 2012. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable homes in Dyserth with an extended lease were in the region of £267,600. The average amount of ground rent was £65 invoiced annually. The lease termination date was on 5 November 2088. Considering the 67 years unexpired we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including costs.