On the balance of probabilities where you own a flat in Cyncoed you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Cyncoed can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 dealing with Cyncoed lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy discussions with the freeholder of her two bedroom apartment in Cyncoed, Emma initiated the lease extension process just as her lease was nearing the all-important 80-year deadline. The transaction was concluded in September 2006. The landlord’s fees were kept to an absolute minimum.
In 2011 we were phoned by Ms M Bailey who, having bought a studio flat in Cyncoed in September 1999. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative flats in Cyncoed with an extended lease were worth £218,000. The average ground rent payable was £45 collected per annum. The lease expired in 2089. Taking into account 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 plus legals.
In 2014 we were e-mailed by Mrs N Jackson who, having acquired a purpose-built apartment in Cyncoed in May 2009. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical homes in Cyncoed with an extended lease were valued around £265,000. The average amount of ground rent was £50 collected monthly. The lease concluded on 6 July 2100. Taking into account 74 years remaining we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.