Pantymwyn leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Pantymwyn residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Pantymwyn you really ought to investigate if your lease has between 70 and ninety years left. There are good reasons why a Pantymwyn leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Pantymwyn can be a difficult process. We recommend you obtain professional help 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 dealing with Pantymwyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lucas owned a high value apartment in Pantymwyn on the market with a lease of fraction over 61 years unexpired. Lucas informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2011 we were approached by Mr and Mrs. T Johnson who, having purchased a first floor apartment in Pantymwyn in September 2000. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable premises in Pantymwyn with 100 year plus lease were in the region of £191,400. The average amount of ground rent was £55 billed quarterly. The lease ended in 2079. Considering the 54 years remaining we approximated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 plus costs.
Dr A Fournier owned a garden flat in Pantymwyn in October 2002. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Identical homes in Pantymwyn with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease lapsed on 23 August 2099. Having 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.