It’s a harsh truth that a Shotton residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Shotton property market.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be payable. Most leasehold owners in Shotton will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service gives you better control over the value of your Shotton leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the freeholder of her two bedroom apartment in Shotton, Alexandra initiated the lease extension process as the eighty year mark was quickly advancing. The transaction was finalised in November 2011. The landlord’s fees were restricted to a tad over 650 pounds.
Mr and Mrs. R Thompson bought a one bedroom flat in Shotton in October 2007. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Similar homes in Shotton with a long lease were in the region of £275,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease came to a finish on 26 May 2095. Considering the 69 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.
Mr and Mrs. O Girard purchased a one bedroom flat in Shotton in May 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Shotton with a long lease were in the region of £216,000. The mid-range ground rent payable was £60 billed annually. The lease concluded on 13 August 2084. Taking into account 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.