Caerwys leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for 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. Flat owners in Caerwys will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold premises in Caerwys with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Caerwys can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 Caerwys lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the freeholder of her two bedroom flat in Caerwys, Alisha initiated the lease extension process as the 80 year mark was swiftly coming. The transaction completed in September 2007. The freeholder’s fees were kept to an absolute minimum.
In 2012 we were phoned by Dr J Gómez who, having was assigned a lease of a studio flat in Caerwys in March 2006. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Caerwys with a long lease were in the region of £267,600. The average amount of ground rent was £65 billed yearly. The lease ended on 12 November 2092. Taking into account 67 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 not including fees.
In 2013 we were contacted by Mr and Mrs. N Bertrand who, having owned a newly refurbished apartment in Caerwys in January 2009. The question was if we could estimate the price would likely be for a 90 year lease extension. Similar premises in Caerwys with 100 year plus lease were in the region of £201,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease ran out on 28 February 2081. Taking into account 56 years outstanding we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including professional charges.