The re-sale value of a leasehold property in Gwaelod Y Garth depends on how many years the lease has remaining. If it is close to or less than eighty years you should anticipate problems on re-sale, so it is recommended to arrange for a lease extension prior to buying. Ideally one should start the process of extending the lease is when the lease still has 82 years remaining so that all matters can be finalised prior to the 80 year mark. Current legislation enables Gwaelod Y Garth qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Gwaelod Y Garth can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in this area.
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 Gwaelod Y Garth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Connor, started to get near to the eighty-year threshold with the lease on his ground floor flat in Gwaelod Y Garth. Having purchased his flat two decades ago, the lease term was of no bearing. Luckily, he noticed he would soon be paying an inflated amount for a lease extension. Connor was able to extend his lease just in the nick of time in January. Connor and the freeholder ultimately agreed on an amount of £5,500 . If he failed to meet the deadline, the amount would have become more costly by a minimum £1,025.
Last Winter we were approach by Mr Toby White , who was assigned a lease of a purpose-built flat in Gwaelod Y Garth in June 1995. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Gwaelod Y Garth with 100 year plus lease were worth £213,600. The average ground rent payable was £60 invoiced monthly. The lease lapsed in 2083. Taking into account 57 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus costs.
Last March we were phoned by Dr Lewis Reed , who purchased a purpose-built flat in Gwaelod Y Garth in March 2012. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Identical flats in Gwaelod Y Garth with 100 year plus lease were worth £200,000. The mid-range ground rent payable was £50 collected quarterly. The lease lapsed in 2103. Considering the 77 years left we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.