There is no doubt about it a leasehold property in Pencader is a wasting asset as a result of the shortening lease. If the residual term has, beyond 99 years remaining then this decrease may be of little impact however there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease sooner than later. The majority of flat owners in Pencader will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Pencader with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Pencader can be a difficult process. We recommend you procure 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 Pencader lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joseph owned a 2 bedroom flat in Pencader on the market with a lease of fraction over 59 years left. Joseph on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Joseph to exercise his statutory right. Joseph obtained expert legal guidance and secured an acceptable deal informally and readily saleable.
In 2011 we were e-mailed by Ms Yasmin Bertrand who, having acquired a purpose-built flat in Pencader in January 2002. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Similar properties in Pencader with a long lease were worth £235,200. The average amount of ground rent was £45 billed quarterly. The lease concluded in 2092. Given that there were 66 years remaining we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.
Mr and Mrs. P Johnson bought a garden flat in Pencader in March 2006. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Identical residencies in Pencader with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 collected per annum. The lease finished in 2103. Taking into account 77 years remaining we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including costs.