Menai Bridge leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Menai Bridge will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Menai Bridge can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 dealing with Menai Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leon owned a high value flat in Menai Bridge being marketed with a lease of a little over 61 years unexpired. Leon informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Leon to exercise his statutory right. Leon procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.
Mr and Mrs. T Peterson took over the lease of a first floor flat in Menai Bridge in January 2004. The question was if we could approximate the premium would likely be to prolong the lease by ninety years. Identical homes in Menai Bridge with 100 year plus lease were worth £200,800. The mid-range amount of ground rent was £65 collected per annum. The lease elapsed in 2086. Having 60 years outstanding we calculated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of professional charges.
Mr and Mrs. L Nelson moved into a basement apartment in Menai Bridge in May 1999. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Menai Bridge with an extended lease were valued around £255,000. The mid-range ground rent payable was £50 collected yearly. The lease finished in 2097. Having 71 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.