With a domestic leasehold premises in Llandudno Junction, you effectively rent 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 may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially when there are less than eighty years left. Leasehold owners in Llandudno Junction with a lease approaching 81 years unexpired should seriously think of extending it without delay. Once the lease term has below 80 years remaining, under the current statute the freeholder can calculate and demand a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is due.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB | |
| Yorkshire Building Society |
Engaging our service will provide you better control over the value of your Llandudno Junction leasehold, as your property will be more valuable and marketable in respect of lease length should you want 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.
Ollie owned a high value apartment in Llandudno Junction being marketed with a lease of fraction over 72 years outstanding. Ollie on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ollie to invoke his statutory right. Ollie obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
In 2013 we were called by Mr and Mrs. N Turner who, having bought a first floor flat in Llandudno Junction in March 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Llandudno Junction with a long lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected per annum. The lease finished in 2097. Taking into account 71 years outstanding we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
Last Spring we were phoned by Mrs Lydia Kelly , who moved into a purpose-built apartment in Llandudno Junction in March 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Identical properties in Llandudno Junction with 100 year plus lease were valued around £254,200. The mid-range amount of ground rent was £60 billed annually. The lease lapsed in 2077. Taking into account 51 years remaining we approximated the premium to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of professional charges.