As the the remaining lease term of a Pembroke Dock domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, more than 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. The majority of flat owners in Pembroke Dock will meet the qualifying criteria; however a conveyancing solicitor should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Pembroke Dock with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Pembroke Dock can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Pembroke Dock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hugo owned a high value flat in Pembroke Dock being marketed with a lease of a few days over 61 years left. Hugo on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hugo to exercise his statutory right. Hugo procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.
In 2014 we were approached by Mr and Mrs. B Michel who, having moved into a one bedroom apartment in Pembroke Dock in September 1996. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparable premises in Pembroke Dock with a long lease were valued around £218,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease expired on 12 August 2089. Considering the 63 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 not including costs.
Last year we were called by Mr and Mrs. P Clarke , who acquired a basement flat in Pembroke Dock in June 2008. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical homes in Pembroke Dock with 100 year plus lease were valued around £265,000. The average ground rent payable was £55 billed yearly. The lease expired on 18 June 2100. Considering the 74 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.