As the length of the unexpired term of a Llandudno domestic lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of one hundred years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending sooner as opposed to later. The majority of flat owners in Llandudno will qualify for this right; that being said a conveyancing solicitor should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| TSB |
Engaging our service gives you increased control over the value of your Llandudno leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Nathaniel owned a high value apartment in Llandudno on the market with a lease of a few days over sixty years outstanding. Nathaniel on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to invoke his statutory right. Nathaniel obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.
In 2014 we were phoned by Mrs Charlotte Taylor who, having took over the lease of a ground floor apartment in Llandudno in May 2009. The question was if we could approximate the price would be for a ninety year extension to my lease. Similar properties in Llandudno with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed on 11 May 2094. Taking into account 68 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.
Last month we were called by Dr E Ward , who moved into a basement flat in Llandudno in March 2007. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparative premises in Llandudno with a long lease were valued around £208,600. The mid-range amount of ground rent was £60 collected per annum. The lease ended in 2083. Taking into account 57 years outstanding we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of costs.