As the the remaining lease term of a Y Felinheli residential lease lessens so does its value and therefore the value of your property. Where the residual term has, beyond 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years left 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 without delay. Most flat owners in Y Felinheli will meet the qualifying criteria; however a conveyancing solicitor will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Y Felinheli with more than 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 home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Y Felinheli,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Y Felinheli valuers.
Isaac owned a 2 bedroom flat in Y Felinheli on the market with a lease of a few days over sixty years unexpired. Isaac informally spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Isaac to exercise his statutory right. Isaac obtained expert legal guidance and secured an acceptable deal informally and sell the flat.
Last Winter we were phoned by Dr E Nelson , who purchased a newly refurbished flat in Y Felinheli in February 1999. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable properties in Y Felinheli with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease terminated on 22 June 2080. Taking into account 54 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus legals.
In 2010 we were contacted by Dr F Wood who, having was assigned a lease of a one bedroom apartment in Y Felinheli in September 2007. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar flats in Y Felinheli with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 collected per annum. The lease ended in 2091. Having 65 years unexpired we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including expenses.