Unfortunately that a Llanbedrgoch residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Llanbedrgoch property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher premium will be due. Most flat owners in Llanbedrgoch will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.
It is generally accepted that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Llanbedrgoch,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Llanbedrgoch valuers.
Alfie was the the leasehold owner of a high value flat in Llanbedrgoch being marketed with a lease of fraction over 61 years unexpired. Alfie on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension 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. Ordinarily, ground rent would not be payable on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.
Mr J David acquired a first floor flat in Llanbedrgoch in March 2004. We are asked if we could estimate the price could be to prolong the lease by 90 years. Identical residencies in Llanbedrgoch with an extended lease were in the region of £280,000. The average ground rent payable was £45 billed monthly. The lease concluded in 2096. Given that there were 70 years left we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.
Last month we were phoned by Mr E Flores , who was assigned a lease of a recently refurbished apartment in Llanbedrgoch in July 2001. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar properties in Llanbedrgoch with an extended lease were in the region of £223,400. The mid-range ground rent payable was £60 billed annually. The lease termination date was on 2 April 2085. Given that there were 59 years unexpired we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 exclusive of legals.