When it comes to residential leasehold property in Brecon, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Anyone in Brecon with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. When a lease has less than 80 years left, under the relevant statute the landlord is entitled to calculate and levy a greater premium, assessed on a technical computation, known as “marriage value” which is payable.
Leasehold residencies in Brecon with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Virgin |
Lease extensions in Brecon can be a difficult process. We recommend you procure professional help from a conveyancer 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 Brecon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jamie owned a high value apartment in Brecon being marketed with a lease of a few days over sixty years remaining. Jamie on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jamie to invoke his statutory right. Jamie procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.
Last Spring we were approach by Mr and Mrs. E Phillips , who took over the lease of a ground floor apartment in Brecon in January 2004. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative flats in Brecon with an extended lease were worth £280,000. The average amount of ground rent was £55 collected every twelve months. The lease terminated on 12 November 2104. Taking into account 78 years left we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.
In 2011 we were phoned by Mr and Mrs. N Rogers who, having bought a garden flat in Brecon in May 2008. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparable homes in Brecon with a long lease were worth £186,000. The average amount of ground rent was £65 invoiced annually. The lease concluded on 9 October 2084. Having 58 years unexpired we calculated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of expenses.