There is no doubt about it a leasehold flat or house in Moelfre is a wasting asset as a result of the shortening lease. Where the lease has, over 99 years to run then this decrease may be of little impact however there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Moelfre will meet the qualifying criteria; nevertheless a lawyer should be able to advise if you qualify for a lease extension. In certain 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 generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Moelfre can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 a wealth of experience dealing with Moelfre lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months John, started to get near to the 80-year threshold with the lease on his basement apartment in Moelfre. Having purchased his property two decades ago, the unexpired term was of no significance. Fortunately, it dawned on him that he would imminently be paying an escalated premium for a lease extension. John arranged for a lease extension just under the wire last July. John and the freeholder via the managing agents ultimately agreed on a premium of £6,000 . If he failed to meet the deadline, the figure would have increased by a minimum £1,075.
Mrs N Evans owned a one bedroom flat in Moelfre in January 2004. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparative premises in Moelfre with a long lease were valued about £220,400. The mid-range amount of ground rent was £45 billed annually. The lease expired in 2090. Considering the 64 years remaining we calculated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including fees.
In 2009 we were e-mailed by Ms Kayleigh Johnson who, having moved into a one bedroom flat in Moelfre in January 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Identical premises in Moelfre with 100 year plus lease were valued about £270,000. The mid-range amount of ground rent was £55 collected yearly. The lease elapsed on 16 August 2101. Having 75 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.