Neath Abbey leases on residential properties are gradually losing value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Neath Abbey will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some situations you may not be entitled. There are prescribed deadlines and formalities to follow once the process has commenced so it’s sensible to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Neath Abbey can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 procuring 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.
Subsequent to unsuccessful negotiations with the freeholder of her ground floor apartment in Neath Abbey, Phoebe initiated the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The legal work was concluded in September 2005. The landlord’s costs were negotiated to under 650 GBP.
In 2012 we were contacted by Mrs Millie Peterson who, having moved into a basement apartment in Neath Abbey in March 2006. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparative premises in Neath Abbey with 100 year plus lease were in the region of £240,600. The mid-range amount of ground rent was £60 billed quarterly. The lease came to a finish in 2087. Taking into account 62 years unexpired we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of fees.
Last Winter we were called by Mr Noah Watson , who purchased a recently refurbished apartment in Neath Abbey in March 2007. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Similar flats in Neath Abbey with a long lease were in the region of £174,200. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2076. Having 51 years as a residual term we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.