Fishguard 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 which entitles qualifying Fishguard residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Fishguard you must see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Fishguard leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay
Leasehold residencies in Fishguard with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Using our service gives you better control over the value of your Fishguard leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful discussions with the landlord of her purpose-built apartment in Fishguard, Gemma initiated the lease extension process just as the lease was nearing the critical eighty-year mark. The legal work was concluded in March 2008. The landlord’s costs were negotiated to approximately 500 GBP.
Last year we were called by Mrs R Carter , who moved into a ground floor flat in Fishguard in June 1999. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Comparable properties in Fishguard with 100 year plus lease were worth £171,800. The mid-range amount of ground rent was £55 billed monthly. The lease finished on 14 January 2076. Having 50 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 plus fees.
Last Summer we were e-mailed by Mr and Mrs. V Jones , who moved into a studio flat in Fishguard in January 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Fishguard with an extended lease were valued about £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease concluded on 20 July 2096. Taking into account 70 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus fees.