There is no doubt about it a leasehold property in Llanberis is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 99 years to run then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Llanberis will qualify for this right; that being said a lawyer can advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Virgin |
Engaging our service will provide you increased control over the value of your Llanberis leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted discussions with the landlord of her two bedroom apartment in Llanberis, Isabelle initiated the lease extension process as the eighty year deadline was rapidly advancing. The legal work completed in March 2008. The freeholder’s costs were restricted to under 550 pounds.
Mr and Mrs. G Taylor owned a purpose-built flat in Llanberis in July 2003. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar properties in Llanberis with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £45 billed annually. The lease elapsed in 2098. Taking into account 72 years outstanding we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of costs.
Last Autumn we were contacted by Mr and Mrs. M Nelson , who bought a purpose-built flat in Llanberis in May 2001. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Similar homes in Llanberis with an extended lease were worth £233,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease expiry date was on 25 May 2087. Taking into account 61 years left we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of costs.