There is no doubt about it a leasehold flat or house in Pembroke Dock is a wasting asset as a result of the diminishing lease term. If the residual term has, over 100 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner than later. Many flat owners in Pembroke Dock will meet the qualifying criteria; nevertheless a conveyancer can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Pembroke Dock with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Pembroke Dock can be a difficult process. We recommend you secure guidance 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 Pembroke Dock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted discussions with the landlord of her basement flat in Pembroke Dock, Jasmine commenced the lease extension process as the eighty year threshold was rapidly nearing. The legal work was finalised in November 2011. The landlord’s charges were restricted to a tad over 450 GBP.
Last Autumn we were called by Mr and Mrs. V Roberts , who bought a one bedroom apartment in Pembroke Dock in June 1997. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Identical residencies in Pembroke Dock with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced annually. The lease finished on 24 November 2102. Having 77 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.
In 2012 we were approached by Dr Ben François who, having moved into a one bedroom flat in Pembroke Dock in August 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical homes in Pembroke Dock with an extended lease were worth £183,600. The average ground rent payable was £65 billed per annum. The lease elapsed on 10 March 2082. Having 57 years remaining we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.