Neath Abbey leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Neath Abbey enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Neath Abbey you must check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value
Leasehold properties in Neath Abbey with over 100 years remaining on the lease are sometimes regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages |
Lease extensions in Neath Abbey can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 a wealth of experience dealing with Neath Abbey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Toby was the the leasehold proprietor of a studio apartment in Neath Abbey being marketed with a lease of just over 61 years left. Toby on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Toby to exercise his statutory right. Toby procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Dr Jamie Garcia took over the lease of a one bedroom apartment in Neath Abbey in February 1995. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical flats in Neath Abbey with a long lease were valued around £205,000. The mid-range ground rent payable was £50 billed yearly. The lease elapsed in 2105. Having 79 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.
In 2013 we were e-mailed by Mr and Mrs. H Laurent who, having completed a first floor apartment in Neath Abbey in November 1999. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative homes in Neath Abbey with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 collected quarterly. The lease finished in 2094. Taking into account 68 years left we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.