The nearer a domestic lease in Mold nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 100 years to run then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner rather than later. The majority of flat owners in Mold will qualify for this right; however a conveyancing solicitor can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Mold can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge dealing with Mold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jonathan was the the leasehold proprietor of a 2 bedroom apartment in Mold being marketed with a lease of a few days over sixty years left. Jonathan informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jonathan to exercise his statutory right. Jonathan procured expert advice and secured an acceptable deal informally and sell the flat.
In 2013 we were contacted by Mr and Mrs. W Ali who, having took over the lease of a studio apartment in Mold in May 2005. The dilemma was if we could estimate the premium could be to extend the lease by 90 years. Comparable properties in Mold with an extended lease were valued about £225,400. The mid-range amount of ground rent was £45 collected yearly. The lease ended in 2090. Taking into account 64 years remaining we estimated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 plus costs.
In 2010 we were approached by Dr F Walker who, having completed a one bedroom apartment in Mold in November 1998. We are asked if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable premises in Mold with a long lease were valued around £270,000. The average amount of ground rent was £55 billed quarterly. The lease terminated in 2101. Having 75 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including legals.