There is no doubt about it a leasehold property in St Asaph is a wasting asset as a result of the diminishing lease term. If the lease has, over 99 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. Most flat owners in St Asaph will qualify for this right; that being said a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Virgin |
Engaging our service will provide you better control over the value of your St Asaph leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last year Ryan, started to get close to the 80-year threshold with the lease on his ground floor flat in St Asaph. Having purchased his flat two decades ago, the length of the lease was of minimal bearing. Fortunately, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Ryan was able to extend his lease at the eleventh hour last April. Ryan and the landlord eventually settled on the final figure of £5,000 . If the lease had dipped to less than eighty years, the figure would have escalated by a minimum £1,100.
In 2013 we were phoned by Ms D Phillips who, having acquired a one bedroom apartment in St Asaph in May 1998. The question was if we could estimate the premium would be for a 90 year lease extension. Comparative properties in St Asaph with a long lease were in the region of £201,200. The mid-range ground rent payable was £55 billed annually. The lease terminated in 2082. Taking into account 56 years unexpired we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus expenses.
Mr and Mrs. E André completed a garden apartment in St Asaph in May 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Comparable homes in St Asaph with a long lease were in the region of £300,000. The average amount of ground rent was £50 invoiced monthly. The lease expired in 2102. Considering the 76 years left we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.