Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Clynderwen. Clearly, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Clynderwen have the right to extend the lease for a further 90 years under statute. Do give careful attention before delaying your Clynderwen lease extension. Holding off that expense now only increases the price you will eventually have to pay to extend your lease
Leasehold properties in Clynderwen with more than one hundred 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Chelsea Building Society | |
| Skipton Building Society | |
| TSB |
Engaging our service will provide you increased control over the value of your Clynderwen leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Sam owned a 2 bedroom flat in Clynderwen being sold with a lease of a little over fifty eight years left. Sam on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be payable on a lease extension were Sam to invoke his statutory right. Sam obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.
Mr Matthew Wilson completed a first floor apartment in Clynderwen in September 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Clynderwen with an extended lease were valued around £200,000. The average ground rent payable was £50 collected yearly. The lease ended in 2103. Taking into account 77 years remaining we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
In 2010 we were phoned by Ms Caitlin Gunderson who, having was assigned a lease of a garden apartment in Clynderwen in May 2005. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Comparable homes in Clynderwen with an extended lease were worth £265,200. The average amount of ground rent was £65 collected quarterly. The lease came to a finish on 14 February 2092. Considering the 66 years unexpired we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 plus fees.