Kidwelly leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Kidwelly will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not qualify. There are also strict timetables and procedures to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Kidwelly,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 experience and the close ties they enjoy with Kidwelly valuers.
Noah was the the leasehold owner of a studio apartment in Kidwelly on the market with a lease of a few days over 61 years unexpired. Noah informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Noah to exercise his statutory right. Noah procured expert legal guidance and secured an acceptable resolution informally and sell the property.
Last Summer we were approach by Mr Jackson Bailey , who acquired a purpose-built apartment in Kidwelly in September 2005. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Comparative premises in Kidwelly with 100 year plus lease were valued about £265,000. The mid-range ground rent payable was £55 billed monthly. The lease lapsed in 2100. Taking into account 74 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.
Last Christmas we were approach by Dr M Ramírez , who acquired a garden apartment in Kidwelly in October 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Comparable residencies in Kidwelly with an extended lease were worth £166,400. The average amount of ground rent was £60 collected annually. The lease finished in 2080. Considering the 54 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 not including fees.