Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Neath. Inevitably, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Neath have the legal entitlement to extend the lease for an additional ninety years in accordance with legislation. Please give due consideration before delaying your Neath lease extension. Holding off that expense now only increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Neath can be a difficult process. We recommend you secure 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 a wealth of experience procuring Neath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Evan, came perilously near to the eighty-year threshold with the lease on his basement apartment in Neath. Having purchased his property two decades ago, the unexpired term was of minimal concern. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Evan arranged for a lease extension just under the wire in January. Evan and the landlord ultimately settled on a premium of £5,000 . If he not met the deadline, the amount would have increased by at least £950.
Mr and Mrs. L Anderson bought a garden apartment in Neath in July 2004. The dilemma was if we could estimate the price could be to prolong the lease by an additional years. Identical residencies in Neath with a long lease were worth £260,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease terminated in 2098. Having 73 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.
Mr and Mrs. N Ricardo took over the lease of a one bedroom flat in Neath in October 1998. The question was if we could estimate the price would likely be for a 90 year lease extension. Identical properties in Neath with 100 year plus lease were in the region of £264,000. The mid-range ground rent payable was £60 invoiced monthly. The lease elapsed in 2078. Having 53 years left we calculated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 not including costs.