Chances are that where you own a flat in Llandegla you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Llandegla can be a difficult process. We recommend you procure professional help from a conveyancer 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 in-depth market knowledge procuring Llandegla lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kian owned a high value apartment in Llandegla being marketed with a lease of a little over sixty years remaining. Kian informally contacted his landlord being a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Kian to exercise his statutory right. Kian procured expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Mr W Morel was assigned a lease of a ground floor apartment in Llandegla in June 2003. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Identical homes in Llandegla with a long lease were valued around £250,000. The average ground rent payable was £50 billed per annum. The lease terminated in 2094. Given that there were 68 years unexpired we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
Last month we were approach by Dr Tyler Walker , who was assigned a lease of a one bedroom apartment in Llandegla in April 1999. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative flats in Llandegla with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 billed monthly. The lease came to a finish on 5 February 2105. Given that there were 79 years left we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.