The market value of Clynderwen leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than 80 years
It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Clynderwen can be a difficult process. We recommend you get guidance from a lawyer 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.
After protracted discussions with the freeholder of her purpose-built apartment in Clynderwen, Eleanor initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work completed in March 2007. The freeholder’s fees were kept to an absolute minimum.
Last May we were called by Ms U Wood , who was assigned a lease of a garden flat in Clynderwen in March 2001. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Clynderwen with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 invoiced annually. The lease expiry date was in 2105. Considering the 79 years outstanding we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.
Mrs R Lefebvre bought a one bedroom flat in Clynderwen in October 1997. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative premises in Clynderwen with 100 year plus lease were worth £275,000. The average amount of ground rent was £65 invoiced monthly. The lease termination date was on 6 June 2094. Having 68 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.