The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Glynneath can extend the lease for a further 90 years under statute. Do give careful consideration before delaying your Glynneath lease extension. Shelving that expense today simply escalates the premium you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
Lease extensions in Glynneath can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 procuring Glynneath 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 2 bedroom flat in Glynneath being marketed with a lease of a little over sixty years left. Caleb informally approached 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 on the basis of an increased rent to £100 annually. No ground rent would be due on a lease extension were Caleb to exercise his statutory right. Caleb obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Last Winter we were phoned by Mr and Mrs. C Morris , who bought a first floor flat in Glynneath in March 2007. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical residencies in Glynneath with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed per annum. The lease elapsed on 13 November 2101. Having 76 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.
Last Spring we were e-mailed by Mrs Chelsea Fournier , who moved into a one bedroom apartment in Glynneath in June 1996. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Identical premises in Glynneath with 100 year plus lease were in the region of £176,200. The mid-range ground rent payable was £65 billed monthly. The lease termination date was in 2081. Taking into account 56 years left we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 plus legals.