The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Mold may extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Mold lease extension. Shelving the costs today simply escalates the premium you will eventually be required to pay to extend the lease.
Leasehold residencies in Mold with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Halifax | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Mold can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.
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 Mold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the freeholder of her ground floor apartment in Mold, Mollie started the lease extension process just as the lease was approaching the critical eighty-year deadline. The transaction was finalised in September 2015. The freeholder’s charges were negotiated to under 650 GBP.
In 2011 we were e-mailed by Mrs W Norbert who, having completed a basement flat in Mold in June 1999. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in Mold with 100 year plus lease were worth £255,000. The mid-range ground rent payable was £50 billed quarterly. The lease elapsed on 12 March 2097. Taking into account 71 years remaining we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.
Last Summer we were e-mailed by Mr and Mrs. K Lefèvre , who took over the lease of a studio flat in Mold in March 2002. We are asked if we could approximate the price would be to extend the lease by 90 years. Identical residencies in Mold with an extended lease were worth £254,200. The average ground rent payable was £60 invoiced per annum. The lease termination date was on 14 November 2077. Having 51 years as a residual term we calculated the premium to the landlord for the lease extension to be between £43,700 and £50,600 not including expenses.