Chances are that where you own a flat in Gilwern you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Gilwern,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Gilwern valuers.
Last October Leon, started to get close to the 80-year threshold with the lease on his leasehold flat in Gilwern. In buying his home two decades ago, the lease term was of minimal concern. As luck would have it, he realised he needed to take steps soon on a lease extension. Leon extended the lease just under the wire in April. Leon and the freeholder via the managing agents in the end agreed on an amount of £5,000 . If the lease had slid to less than 80 years, the figure would have become more exhorbitant by at least £1,100.
Last Christmas we were approach by Mr B Garcia , who was assigned a lease of a one bedroom apartment in Gilwern in March 2010. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Identical properties in Gilwern with an extended lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease finished on 17 May 2106. Taking into account 80 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of fees.
In 2013 we were approached by Mr and Mrs. F Cooper who, having purchased a studio apartment in Gilwern in November 2010. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Comparative flats in Gilwern with a long lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ended on 20 February 2095. Considering the 69 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.