Penrhyn Bay leases on residential properties are gradually losing value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard 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 Penrhyn Bay will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and steps to comply with once the process has commenced so it’s best to be guided by a lawyer during the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Penrhyn Bay,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Penrhyn Bay valuers.
Subsequent to lengthy discussions with the landlord of her two bedroom apartment in Penrhyn Bay, Sian started the lease extension process as the eighty year deadline was quickly coming. The lease extension completed in November 2006. The landlord’s charges were kept to an absolute minimum.
Last Winter we were approach by Dr B Martin , who owned a studio apartment in Penrhyn Bay in July 2010. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Identical homes in Penrhyn Bay with an extended lease were in the region of £174,200. The average amount of ground rent was £55 collected annually. The lease end date was in 2077. Given that there were 51 years left we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including professional charges.
Last Spring we were approach by Dr H López , who bought a first floor flat in Penrhyn Bay in November 2004. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Identical premises in Penrhyn Bay with an extended lease were worth £285,000. The mid-range ground rent payable was £45 collected quarterly. The lease terminated on 3 November 2097. Given that there were 71 years left we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.