Clynderwen leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Clynderwen enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Clynderwen you must check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 Clynderwen can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 Clynderwen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Lewis, started to get near to the eighty-year threshold with the lease on his ground floor flat in Clynderwen. Having purchased his property two decades ago, the length of the lease was of little importance. As luck would have it, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Lewis extended the lease just under the wire last March. Lewis and the landlord who owned the flat above in the end agreed on sum of £5,000 . If the lease had gone lower than eighty years, the amount would have become more costly by a minimum £1,100.
Last Winter we were called by Mr and Mrs. H Clark , who was assigned a lease of a ground floor apartment in Clynderwen in October 1998. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Similar residencies in Clynderwen with an extended lease were valued about £280,000. The average ground rent payable was £45 collected per annum. The lease came to a finish in 2095. Having 70 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.
Dr Imogen Girard took over the lease of a one bedroom apartment in Clynderwen in February 1998. The question was if we could estimate the premium would likely be for a 90 year lease extension. Similar premises in Clynderwen with a long lease were in the region of £223,400. The average amount of ground rent was £60 invoiced yearly. The lease expired in 2084. Having 59 years unexpired we estimated the premium to the landlord to extend the lease to be between £27,600 and £31,800 plus professional charges.