Pentraeth leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Pentraeth will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 Pentraeth,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pentraeth valuers.
Last year Riley, came critically close to the 80-year threshold with the lease on his leasehold apartment in Pentraeth. In buying his flat 18 years previously, the unexpired term was of no concern. As luck would have it, he noticed he needed to take steps soon on a lease extension. Riley was able to extend his lease just under the wire last April. Riley and the freeholder via the management company eventually settled on a premium of £6,000 . If he not met the deadline, the sum would have gone up by at least £975.
Last Autumn we were called by Dr A Laurent , who owned a one bedroom apartment in Pentraeth in February 2008. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical flats in Pentraeth with an extended lease were valued about £218,000. The average ground rent payable was £45 invoiced per annum. The lease lapsed in 2088. Taking into account 63 years left we calculated the premium to the landlord to extend the lease to be between £17,100 and £19,800 not including fees.
Last Christmas we were called by Mrs Anna Bernard , who completed a first floor apartment in Pentraeth in October 2009. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Identical residencies in Pentraeth with an extended lease were worth £265,000. The average ground rent payable was £55 invoiced per annum. The lease concluded on 6 August 2099. Having 74 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.