Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Newcastle Emlyn. Inevitably, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Newcastle Emlyn have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. You should give due deliberation before delaying your Newcastle Emlyn lease extension. Holding off that expense now only increases the price you will eventually have to pay to extend your lease
It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages |
Lease extensions in Newcastle Emlyn can be a difficult process. We recommend you secure guidance from a conveyancer 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 procuring Newcastle Emlyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leo was the the leasehold owner of a high value flat in Newcastle Emlyn being sold with a lease of a few days over sixty years remaining. Leo on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Leo to invoke his statutory right. Leo obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
In 2012 we were contacted by Mr P Stewart who, having owned a garden apartment in Newcastle Emlyn in November 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparable premises in Newcastle Emlyn with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 billed yearly. The lease elapsed on 15 July 2095. Given that there were 69 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.
Last year we were approach by Dr A Howard , who was assigned a lease of a studio flat in Newcastle Emlyn in February 2005. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Identical residencies in Newcastle Emlyn with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced per annum. The lease terminated in 2106. Having 80 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.