Gwersyllt leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Gwersyllt tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Gwersyllt you should investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Gwersyllt can be a difficult process. We recommend you secure guidance from a lawyer 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 a wealth of experience procuring Gwersyllt lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joseph was the the leasehold proprietor of a conversion flat in Gwersyllt being sold with a lease of a few days over sixty years unexpired. Joseph informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Joseph to invoke his statutory right. Joseph procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Ms Emily Ramírez owned a studio flat in Gwersyllt in November 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparative homes in Gwersyllt with 100 year plus lease were worth £191,000. The average ground rent payable was £65 collected every twelve months. The lease ran out on 19 April 2084. Taking into account 58 years left we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 not including legals.
Mr Austin Robinson bought a garden flat in Gwersyllt in October 1995. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar homes in Gwersyllt with a long lease were valued around £250,000. The mid-range ground rent payable was £50 collected monthly. The lease expired on 28 September 2095. Considering the 69 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.