The nearer a residential lease in Meliden gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 125 years to run then this decrease may be fractional however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in Meliden will meet the qualifying criteria; nevertheless a conveyancer can advise whether 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 property with in excess of 100 years unexpired lease term is worth approximately the same 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 in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Retaining our service gives you increased control over the value of your Meliden leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Hugo owned a studio apartment in Meliden on the market with a lease of fraction over 61 years unexpired. Hugo informally approached his landlord 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 an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Hugo to exercise his statutory right. Hugo procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Ms E Roux took over the lease of a recently refurbished flat in Meliden in May 2004. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparative premises in Meliden with an extended lease were worth £210,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease lapsed in 2106. Having 80 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.
Last Christmas we were approach by Mr and Mrs. P Robinson , who took over the lease of a one bedroom flat in Meliden in March 2012. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical properties in Meliden with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 collected quarterly. The lease concluded on 17 November 2095. Considering the 69 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.