The market value of Menai Bridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is less than eighty years
Leasehold properties in Menai Bridge with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Virgin |
Retaining our service gives you better control over the value of your Menai Bridge leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
14 months ago Toby, came critically near to the eighty-year threshold with the lease on his garden apartment in Menai Bridge. In buying his flat two decades ago, the unexpired term was of little importance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Toby extended the lease at the eleventh hour last January. Toby and the landlord in the end agreed on sum of £6,000 . If the lease had dropped to less than 80 years, the premium would have become more costly by at least £875.
Mr and Mrs. R Thomas acquired a garden flat in Menai Bridge in February 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Menai Bridge with 100 year plus lease were worth £260,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease expired on 26 July 2098. Having 72 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.
Dr E Thompson bought a one bedroom flat in Menai Bridge in May 1997. The question was if we could approximate the premium would be for a ninety year extension to my lease. Identical residencies in Menai Bridge with an extended lease were in the region of £256,600. The average amount of ground rent was £60 billed per annum. The lease elapsed in 2078. Taking into account 52 years left we approximated the premium to the freeholder for the lease extension to be within £41,800 and £48,400 not including legals.