The nearer a domestic lease in Aberdare gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Aberdare will meet the qualifying criteria; however a lawyer can advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Aberdare with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Aberdare can be a difficult process. We recommend you obtain professional help from a lawyer 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 procuring Aberdare lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the landlord of her two bedroom apartment in Aberdare, Robyn commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction completed in July 2009. The landlord’s costs were restricted to a tad over 650 pounds.
Last Summer we were contacted by Dr B Scott , who bought a first floor flat in Aberdare in September 1999. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical premises in Aberdare with a long lease were valued about £200,800. The average ground rent payable was £65 collected monthly. The lease terminated in 2085. Having 60 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of fees.
In 2011 we were called by Mr and Mrs. Y Bell who, having completed a one bedroom flat in Aberdare in October 2011. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Comparative properties in Aberdare with 100 year plus lease were worth £260,000. The mid-range amount of ground rent was £50 collected per annum. The lease concluded on 4 June 2096. Considering the 71 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.