Clydach leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease falls below eighty years - otherwise a higher amount will be payable. Leasehold owners in Clydach will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with over one hundred 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 worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Clydach can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.
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 Clydach 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 conversion apartment in Clydach being marketed with a lease of fraction over 59 years left. Lucas on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Lucas to exercise his statutory right. Lucas procured expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Mrs Georgia Martínez acquired a purpose-built flat in Clydach in February 2006. The question was if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Similar premises in Clydach with a long lease were in the region of £210,600. The mid-range amount of ground rent was £45 billed yearly. The lease lapsed in 2088. Taking into account 62 years left we calculated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 not including fees.
Last year we were phoned by Mrs S Moreau , who acquired a first floor flat in Clydach in August 2005. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Clydach with an extended lease were valued about £265,000. The mid-range amount of ground rent was £50 collected quarterly. The lease finished on 2 April 2099. Given that there were 73 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.