Ruabon leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Ruabon residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Ruabon you should see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Virgin |
Lease extensions in Ruabon can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.
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 Ruabon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Callum owned a conversion flat in Ruabon being marketed with a lease of a few days over fifty eight years outstanding. Callum on an informal basis contacted his freeholder a well known Manchester-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 an increased rent to £125 per annum. No ground rent would be due on a lease extension were Callum to exercise his statutory right. Callum obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
Ms T Jackson bought a recently refurbished apartment in Ruabon in April 2001. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparable premises in Ruabon with a long lease were worth £285,000. The average ground rent payable was £45 billed monthly. The lease terminated on 23 March 2097. Given that there were 71 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.
In 2012 we were called by Mrs I Roberts who, having purchased a one bedroom apartment in Ruabon in January 2005. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical properties in Ruabon with a long lease were worth £230,800. The mid-range ground rent payable was £60 collected monthly. The lease finished on 26 January 2086. Having 60 years outstanding we approximated the premium to the landlord for the lease extension to be between £24,700 and £28,600 plus costs.