Fishguard leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Fishguard will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Fishguard with more than one hundred years outstanding on the lease are often regarded as a ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service will provide you enhanced control over the value of your Fishguard leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful correspondence with the freeholder of her studio flat in Fishguard, Mollie commenced the lease extension process just as the lease was approaching the critical 80-year mark. The lease extension was concluded in November 2011. The landlord’s costs were kept to an absolute minimum.
In 2009 we were contacted by Mr and Mrs. L Díaz who, having completed a basement flat in Fishguard in November 1995. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparative premises in Fishguard with an extended lease were in the region of £208,600. The average ground rent payable was £60 billed quarterly. The lease ran out in 2083. Given that there were 57 years outstanding we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus professional charges.
In 2011 we were called by Mr and Mrs. T Sharif who, having completed a ground floor apartment in Fishguard in March 2009. We are asked if we could approximate the price would be for a ninety year lease extension. Identical homes in Fishguard with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 billed annually. The lease concluded on 15 February 2103. Having 77 years as a residual term we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.