With a residential leasehold premises in Y Felinheli, you are in fact renting it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years remaining. Leasehold owners in Y Felinheli with a lease approaching 81 years left should seriously think of extending it as soon as possible. When the lease term has below 80 years outstanding, under the current statute the landlord is entitled to calculate and levy a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold residencies in Y Felinheli with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Y Felinheli can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 Y Felinheli lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the freeholder of her leasehold flat in Y Felinheli, Francesca initiated the lease extension process as the 80 year threshold was quickly advancing. The transaction was finalised in September 2012. The landlord’s fees were kept to an absolute minimum.
Dr Jasper Harris acquired a one bedroom apartment in Y Felinheli in July 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparative flats in Y Felinheli with an extended lease were valued around £220,400. The mid-range amount of ground rent was £45 billed every twelve months. The lease ran out on 7 October 2089. Taking into account 64 years remaining we estimated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including expenses.
In 2009 we were phoned by Mr and Mrs. J Carter who, having completed a first floor flat in Y Felinheli in March 2012. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable premises in Y Felinheli with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease came to a finish on 20 January 2100. Given that there were 75 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.