There is no doubt about it a leasehold flat or house in Llantwit Major is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 99 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under 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 extend the lease sooner than later. Many flat owners in Llantwit Major will meet the qualifying criteria; however a lawyer will be able to advise whether you are eligible for a lease extension. In limited 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 considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Llantwit Major,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 Llantwit Major valuers.
Aaron owned a high value apartment in Llantwit Major being marketed with a lease of fraction over 61 years remaining. Aaron informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Aaron to invoke his statutory right. Aaron procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Dr Sarah Rogers bought a basement flat in Llantwit Major in May 2008. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparative residencies in Llantwit Major with an extended lease were valued about £208,200. The average ground rent payable was £65 billed yearly. The lease elapsed on 17 March 2087. Given that there were 61 years left we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of expenses.
In 2012 we were contacted by Mr and Mrs. K Ricardo who, having was assigned a lease of a one bedroom apartment in Llantwit Major in July 1995. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical properties in Llantwit Major with 100 year plus lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease came to a finish on 3 August 2098. Considering the 72 years remaining we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.