Saundersfoot leases on residential properties are gradually losing value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Saundersfoot will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Saundersfoot can be a difficult process. We recommend you procure guidance from a conveyancer 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 in-depth market knowledge dealing with Saundersfoot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the freeholder of her purpose-built apartment in Saundersfoot, Jade started the lease extension process just as the lease was approaching the crucial eighty-year threshold. The transaction was concluded in June 2005. The freeholder’s costs were kept to an absolute minimum.
In 2014 we were approached by Dr Jennifer Jackson who, having took over the lease of a purpose-built flat in Saundersfoot in September 2001. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Identical flats in Saundersfoot with a long lease were in the region of £235,200. The average amount of ground rent was £45 collected every twelve months. The lease expiry date was on 24 May 2092. Considering the 66 years outstanding we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.
In 2009 we were approached by Mr and Mrs. U Sharif who, having purchased a one bedroom apartment in Saundersfoot in August 2009. The question was if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Comparative homes in Saundersfoot with an extended lease were worth £275,000. The mid-range ground rent payable was £55 collected per annum. The lease finished in 2103. Considering the 77 years outstanding we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus costs.