The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Colwyn Bay may extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Colwyn Bay lease extension. Putting off the costs now simply increases the price you will eventually have to pay to extend the lease.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a freeholder in Colwyn Bay,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Colwyn Bay valuers.
Last October Freddie, came precariously close to the eighty-year threshold with the lease on his one bedroom apartment in Colwyn Bay. Having bought his flat two decades ago, the length of the lease was of little importance. Thankfully, he noticed he would imminently be paying an inflated amount for a lease extension. Freddie extended the lease at the eleventh hour last July. Freddie and the freeholder via the management company in the end agreed on an amount of £5,500 . If he had missed the deadline, the figure would have escalated by a minimum £950.
Last Christmas we were approach by Mr and Mrs. I Thompson , who was assigned a lease of a one bedroom apartment in Colwyn Bay in February 2007. The question was if we could estimate the price could be for a ninety year lease extension. Comparative properties in Colwyn Bay with a long lease were in the region of £225,800. The average ground rent payable was £60 collected per annum. The lease lapsed on 23 April 2086. Taking into account 60 years left we calculated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of professional charges.
Last March we were phoned by Dr E Watson , who was assigned a lease of a purpose-built apartment in Colwyn Bay in August 1995. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparative flats in Colwyn Bay with a long lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease lapsed on 8 September 2106. Considering the 80 years unexpired we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.