When it comes to long leasehold premises in Maesteg, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than eighty years left. Leasehold owners in Maesteg with a lease approaching 81 years left should seriously consider extending it as soon as possible. When a lease has less than eighty years remaining, under the current Act the landlord can calculate and demand a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold premises in Maesteg with over one hundred years outstanding 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 premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Halifax | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Maesteg can be a difficult process. We recommend you get professional help from a conveyancer 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 Maesteg lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tyler owned a conversion apartment in Maesteg on the market with a lease of a little over 61 years outstanding. Tyler on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Tyler to exercise his statutory right. Tyler procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.
In 2013 we were e-mailed by Mr and Mrs. M Cook who, having completed a recently refurbished flat in Maesteg in May 1999. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative flats in Maesteg with a long lease were in the region of £233,200. The average ground rent payable was £60 billed monthly. The lease ended in 2087. Considering the 61 years unexpired we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 exclusive of professional charges.
In 2013 we were phoned by Dr J Rose who, having owned a one bedroom flat in Maesteg in April 2005. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Comparative flats in Maesteg with 100 year plus lease were worth £171,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease concluded in 2076. Considering the 50 years outstanding we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus expenses.