The market value of Pantymwyn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than 80 years
Leasehold properties in Pantymwyn with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Virgin |
The conveyancers that we work with procure Pantymwyn lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
David owned a studio apartment in Pantymwyn being marketed with a lease of fraction over 61 years outstanding. David informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were David to exercise his statutory right. David obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2010 we were contacted by Mrs Erin Rogers who, having took over the lease of a first floor apartment in Pantymwyn in February 1999. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar residencies in Pantymwyn with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 billed per annum. The lease finished in 2099. Considering the 73 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.
Last August we were called by Ms Kate Watson , who moved into a newly refurbished flat in Pantymwyn in September 2007. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Comparable flats in Pantymwyn with a long lease were in the region of £240,600. The average amount of ground rent was £65 invoiced every twelve months. The lease lapsed in 2088. Given that there were 62 years left we estimated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including expenses.