Snowdonia leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Snowdonia will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Halifax | |
| Santander | |
| Virgin |
Using our service gives you enhanced control over the value of your Snowdonia leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Jason was the the leasehold proprietor of a conversion apartment in Snowdonia being marketed with a lease of fraction over sixty years remaining. Jason informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jason to invoke his statutory right. Jason procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Mrs H Howard completed a one bedroom flat in Snowdonia in April 1999. The question was if we could approximate the price could be for a ninety year extension to my lease. Identical residencies in Snowdonia with 100 year plus lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced annually. The lease ended in 2080. Having 54 years remaining we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including legals.
Mr and Mrs. C Thompson bought a purpose-built apartment in Snowdonia in July 1997. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparative flats in Snowdonia with a long lease were valued around £227,800. The average ground rent payable was £45 invoiced per annum. The lease finished in 2091. Having 65 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.