With a domestic leasehold property in Holyhead, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Anyone in Holyhead with a lease approaching 81 years left should seriously think of extending it as soon as possible. When the lease term has fewer than 80 years outstanding, under the current Act the freeholder is entitled to calculate and charge a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service will provide you better control over the value of your Holyhead leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Logan, came perilously near to the eighty-year mark with the lease on his studio apartment in Holyhead. Having bought his home 19 years previously, the unexpired term was of no importance. Luckily, it dawned on him that he would soon be paying an inflated amount for a lease extension. Logan was able to extend his lease just under the wire in June. Logan and the landlord in the end settled on sum of £5,500 . If he had missed the deadline, the price would have increased by at least £1,000.
In 2013 we were e-mailed by Dr J Nelson who, having moved into a garden apartment in Holyhead in June 1999. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar properties in Holyhead with a long lease were in the region of £250,400. The mid-range amount of ground rent was £65 invoiced annually. The lease elapsed in 2090. Considering the 64 years left we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including expenses.
Dr I Bell acquired a garden apartment in Holyhead in July 2009. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative flats in Holyhead with 100 year plus lease were valued about £189,000. The average amount of ground rent was £55 billed quarterly. The lease end date was in 2079. Considering the 53 years as a residual term we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including costs.