Felinheli leases on domestic properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Felinheli will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and steps to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Virgin |
The lawyers that we work with procure Felinheli 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 conveyancer we work with provide it.
Harvey was the the leasehold proprietor of a studio flat in Felinheli being marketed with a lease of a few days over fifty eight years outstanding. Harvey on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Harvey to exercise his statutory right. Harvey obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.
In 2014 we were e-mailed by Mrs Rhiannon Davies who, having bought a studio flat in Felinheli in January 2000. We are asked if we could estimate the price would be to prolong the lease by an additional years. Comparative premises in Felinheli with a long lease were valued around £280,000. The average ground rent payable was £55 invoiced quarterly. The lease finished in 2104. Given that there were 78 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.
Last Christmas we were called by Mr J Bailey , who owned a first floor apartment in Felinheli in May 2001. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative premises in Felinheli with 100 year plus lease were in the region of £191,000. The mid-range ground rent payable was £65 billed monthly. The lease finished in 2084. Taking into account 58 years as a residual term we estimated the premium to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of professional charges.