The closer a domestic lease in Gwaelod Y Garth nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner as opposed to later. Most flat owners in Gwaelod Y Garth will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Regardless of whether you are a tenant or a landlord in Gwaelod Y Garth,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Gwaelod Y Garth valuers.
Subsequent to lengthy negotiations with the freeholder of her garden apartment in Gwaelod Y Garth, Rebecca started the lease extension process as the 80 year deadline was swiftly coming. The lease extension completed in July 2008. The landlord’s costs were negotiated to a tad over 700 pounds.
In 2009 we were called by Ms P Bertrand who, having bought a basement flat in Gwaelod Y Garth in July 2002. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Gwaelod Y Garth with a long lease were worth £267,600. The average ground rent payable was £65 collected every twelve months. The lease expired on 27 June 2092. Having 67 years unexpired we approximated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of fees.
Mr and Mrs. F Campbell purchased a studio apartment in Gwaelod Y Garth in April 1997. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Identical flats in Gwaelod Y Garth with 100 year plus lease were valued around £206,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ran out on 14 June 2081. Considering the 56 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus professional charges.