Pencader leases on residential deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Pencader will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are also strict timetables and formalities to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Pencader can be a difficult process. We recommend you obtain 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 in-depth market knowledge dealing with Pencader lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Caleb, came perilously near to the 80-year threshold with the lease on his studio apartment in Pencader. Having purchased his home twenty years ago, the unexpired term was of no interest. Thankfully, he became aware that he would imminently be paying way over the odds for a lease extension. Caleb extended the lease just under the wire last June. Caleb and the freeholder in the end settled on an amount of £6,000 . If he not met the deadline, the sum would have escalated by at least £1,025.
In 2013 we were contacted by Mr and Mrs. S Wilson who, having took over the lease of a purpose-built apartment in Pencader in March 2001. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable properties in Pencader with a long lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected per annum. The lease expired on 22 January 2096. Given that there were 70 years unexpired we calculated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 plus professional charges.
Dr S White purchased a one bedroom flat in Pencader in March 2011. The question was if we could estimate the price would be for a 90 year extension to my lease. Similar homes in Pencader with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced per annum. The lease lapsed on 23 November 2076. Given that there were 50 years left we approximated the premium to the landlord for the lease extension to be within £44,700 and £51,600 not including costs.