Pantymwyn leases on residential deteriorating in value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Pantymwyn will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not be entitled. There are also strict deadlines and formalities to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Pantymwyn can be a difficult process. We recommend you obtain guidance 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 dealing with Pantymwyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jason owned a studio apartment in Pantymwyn on the market with a lease of fraction over 72 years remaining. Jason informally approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Jason to invoke his statutory right. Jason obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
In 2010 we were called by Mrs Aimee Lambert who, having owned a newly refurbished flat in Pantymwyn in May 2009. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical flats in Pantymwyn with an extended lease were in the region of £233,200. The average ground rent payable was £60 collected per annum. The lease concluded in 2087. Given that there were 61 years left we calculated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus costs.
In 2009 we were contacted by Dr U Patel who, having took over the lease of a one bedroom flat in Pantymwyn in October 2009. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar properties in Pantymwyn with a long lease were worth £171,800. The mid-range amount of ground rent was £55 invoiced per annum. The lease ran out in 2076. Having 50 years outstanding we estimated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including fees.