With a long leasehold property in Bryn Y Baal, you effectively rent it for a certain period of time. 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 think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years left. Anyone in Bryn Y Baal with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has below eighty years left, under the relevant legislation the landlord can calculate and demand a larger amount, assessed on a technical multiplication, known as “marriage value” which is due.
Leasehold premises in Bryn Y Baal with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Yorkshire 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. |
Lease extensions in Bryn Y Baal can be a difficult process. We recommend you get 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 in-depth market knowledge procuring Bryn Y Baal lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Samuel was the the leasehold proprietor of a high value flat in Bryn Y Baal being sold with a lease of fraction over fifty eight years remaining. Samuel on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Samuel to invoke his statutory right. Samuel obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.
Mr and Mrs. F White owned a basement flat in Bryn Y Baal in September 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Identical flats in Bryn Y Baal with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 billed monthly. The lease elapsed on 6 November 2096. Having 70 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £10,500 and £12,000 exclusive of costs.
Last Christmas we were e-mailed by Mr and Mrs. I Wilson , who owned a purpose-built apartment in Bryn Y Baal in March 2005. The dilemma was if we could approximate the premium would likely be to extend the lease by an additional years. Identical premises in Bryn Y Baal with 100 year plus lease were worth £246,800. The mid-range ground rent payable was £60 invoiced quarterly. The lease elapsed in 2076. Having 50 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 plus costs.