The only way is down when it comes to Pentwyn lease terms. Pentwyn properties that have a remaining term lower than eighty years will de-escalate in value even faster, and the cost of extending your lease will rise.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Pentwyn can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in this area.
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 Pentwyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful negotiations with the landlord of her one bedroom apartment in Pentwyn, Rhiannon commenced the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension was concluded in May 2006. The freeholder’s fees were restricted to approximately five hundred pounds.
In 2012 we were phoned by Ms L Khan who, having was assigned a lease of a one bedroom apartment in Pentwyn in February 1998. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Pentwyn with a long lease were worth £295,000. The mid-range amount of ground rent was £45 collected quarterly. The lease finished on 17 April 2099. Having 74 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.
In 2009 we were approached by Mr and Mrs. M Ricardo who, having moved into a studio flat in Pentwyn in May 2006. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparable properties in Pentwyn with 100 year plus lease were worth £243,000. The average ground rent payable was £65 collected monthly. The lease end date was in 2088. Having 63 years unexpired we estimated the premium to the landlord for the lease extension to be within £20,000 and £23,000 not including professional charges.