The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Pentwyn may extend the lease for a further ninety years in accordance with legislation. Please give careful consideration before delaying your Pentwyn lease extension. Postponing the costs now simply increases the amount you will ultimately be required to pay for a lease extension.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Pentwyn can be a difficult process. We recommend you secure guidance 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 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 recent months Aiden, came precariously close to the 80-year mark with the lease on his purpose- built flat in Pentwyn. Having bought his flat two decades ago, the length of the lease was of little bearing. Thankfully, he noticed he would imminently be paying way over the odds for Extending the lease. Aiden extended the lease just under the wire in August. Aiden and the landlord eventually settled on sum of £5,000 . If he not met the deadline, the amount would have gone up by at least £1,125.
Mr and Mrs. W Cook completed a basement flat in Pentwyn in September 1998. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar flats in Pentwyn with an extended lease were valued around £191,400. The average ground rent payable was £55 invoiced quarterly. The lease terminated in 2080. Considering the 54 years remaining we approximated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 plus fees.
In 2012 we were phoned by Mr and Mrs. L Garcia who, having purchased a studio apartment in Pentwyn in March 2001. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Identical homes in Pentwyn with a long lease were worth £295,000. The average amount of ground rent was £45 invoiced per annum. The lease expired in 2100. Given that there were 74 years remaining we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.