The re-sale value of a leasehold property in Y Felinheli depends on how long the lease has remaining. If it is near to or fewer than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. Ideally one should start the process of extending the lease is when the lease still has 82 years to run so that formalities can be finalised well before the eighty year threshold. Statute enables Y Felinheli qualifying lessees to obtain a lease extension of ninety years on top of the remaining lease term at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold properties in Y Felinheli with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Y Felinheli can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience procuring 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.
Evan owned a 2 bedroom apartment in Y Felinheli on the market with a lease of just over sixty years left. Evan informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Evan to invoke his statutory right. Evan obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.
In 2013 we were phoned by Mr and Mrs. W Williams who, having took over the lease of a first floor apartment in Y Felinheli in January 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Y Felinheli with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 collected per annum. The lease finished on 26 October 2099. Taking into account 73 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
Mr and Mrs. P White acquired a first floor flat in Y Felinheli in November 2009. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable flats in Y Felinheli with an extended lease were in the region of £264,000. The average amount of ground rent was £60 invoiced quarterly. The lease ended in 2079. Given that there were 53 years unexpired we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 exclusive of professional charges.