Chances are that if you own a flat in Abertridwr you actually own a long leasehold interest over your property
Leasehold residencies in Abertridwr with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Yorkshire Building Society |
The lawyers that we work with procure Abertridwr lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Callum owned a 2 bedroom apartment in Abertridwr on the market with a lease of a little over 61 years unexpired. Callum on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Callum to invoke his statutory right. Callum obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the property.
Last year we were called by Mrs Stephanie Bennett , who moved into a studio apartment in Abertridwr in May 2010. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical flats in Abertridwr with an extended lease were worth £250,000. The average ground rent payable was £50 billed annually. The lease terminated in 2094. Taking into account 68 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.
Mr and Mrs. O Ramírez moved into a ground floor apartment in Abertridwr in January 2002. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Abertridwr with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced monthly. The lease expired on 15 May 2105. Given that there were 79 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.