There is no doubt about it a leasehold property in Garndolbenmaen is a wasting asset as a result of the shortening lease. If the lease has, more than 99 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner rather than later. The majority of flat owners in Garndolbenmaen will qualify for this right; however a lawyer should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
| 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 Garndolbenmaen can be a difficult process. We recommend you obtain guidance from a conveyancer 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 Garndolbenmaen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Caleb owned a studio apartment in Garndolbenmaen on the market with a lease of a little over 61 years unexpired. Caleb on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Caleb to invoke his statutory right. Caleb procured expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Mr and Mrs. T Allen acquired a first floor flat in Garndolbenmaen in September 2009. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparable flats in Garndolbenmaen with an extended lease were valued around £193,400. The mid-range ground rent payable was £65 invoiced per annum. The lease ended on 20 April 2084. Considering the 59 years remaining we calculated the premium to the landlord for the lease extension to be between £21,900 and £25,200 plus professional charges.
Last Spring we were e-mailed by Mr D Clark , who acquired a garden flat in Garndolbenmaen in November 2005. The dilemma was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative homes in Garndolbenmaen with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 billed yearly. The lease expired in 2095. Having 70 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.