The nearer a residential lease in Gwaelod Y Garth gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 100 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner as opposed to later. The majority of flat owners in Gwaelod Y Garth will meet the qualifying criteria; however a lawyer should be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Gwaelod Y Garth with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Gwaelod Y Garth can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge procuring 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.
Eliot owned a 2 bedroom apartment in Gwaelod Y Garth being marketed with a lease of just over fifty eight years unexpired. Eliot on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Eliot to invoke his statutory right. Eliot procured expert advice and secured an acceptable resolution informally and ending up with a market value flat.
Last Christmas we were approach by Mr and Mrs. D Morris , who purchased a studio apartment in Gwaelod Y Garth in November 1999. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical flats in Gwaelod Y Garth with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 invoiced monthly. The lease terminated in 2095. Taking into account 69 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.
Mr and Mrs. E Brooks completed a purpose-built apartment in Gwaelod Y Garth in March 2010. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Identical homes in Gwaelod Y Garth with 100 year plus lease were in the region of £216,000. The average amount of ground rent was £60 collected yearly. The lease elapsed in 2084. Having 58 years unexpired we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of fees.