On the balance of probabilities where you own a flat in Pensysarn you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Pensysarn can be a difficult process. We recommend you get guidance from a conveyancer 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 in-depth market knowledge dealing with Pensysarn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Jacob, came seriously close to the eighty-year mark with the lease on his two bedroom apartment in Pensysarn. In buying his home two decades ago, the length of the lease was of minimal importance. As luck would have it, it dawned on him that he would soon be paying way over the odds for a lease extension. Jacob arranged for a lease extension at the eleventh hour last July. Jacob and the landlord who owned the flat above subsequently settled on the final figure of £5,500 . If the lease had fallen lower than 80 years, the amount would have escalated by at least £850.
Last Autumn we were called by Mr Aaron Wood , who bought a first floor flat in Pensysarn in March 1995. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparable residencies in Pensysarn with an extended lease were worth £246,800. The mid-range ground rent payable was £60 invoiced monthly. The lease finished on 27 May 2075. Taking into account 50 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 exclusive of costs.
Last Spring we were phoned by Mr and Mrs. I Cook , who moved into a basement apartment in Pensysarn in September 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Comparative residencies in Pensysarn with 100 year plus lease were in the region of £208,200. The mid-range ground rent payable was £65 collected monthly. The lease lapsed on 16 February 2086. Taking into account 61 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus professional charges.