Pentwyn Lease Extension - Free Consultation

Before you progress with your lease extension in Pentwyn
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Pentwyn lease extension

Top reasons for lease extension now:

A Pentwyn lease depreciates with the years remaining on the lease.

Pentwyn residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

Pentwyn property with a lease extension has roughly the same value as a freehold

Leasehold properties in Pentwyn with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not grant a mortgage on a short lease

Almost all banks and building societies will not lend on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Pentwyn property being difficult to dispose of or to obtain finance on.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 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.

Why use us for your lease extension in Pentwyn?

Irrespective of whether you are a tenant or a landlord in Pentwyn,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 experience and the close ties they enjoy with Pentwyn valuers.

Pentwyn Lease Extension Case Summaries:

Sarah, Pentwyn, Cardiff,

After lengthy discussions with the freeholder of her first floor apartment in Pentwyn, Sarah commenced the lease extension process as the 80 year mark was fast approaching. The transaction completed in June 2007. The freeholder’s fees were kept to an absolute minimum.

Pentwyn case:

Mr and Mrs. Y Young purchased a studio apartment in Pentwyn in March 2001. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative properties in Pentwyn with an extended lease were worth £171,800. The average amount of ground rent was £55 collected monthly. The lease concluded in 2073. Taking into account 50 years left we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 not including expenses.

Pentwyn case:

In 2012 we were contacted by Mr and Mrs. G Sharif who, having owned a garden apartment in Pentwyn in November 2011. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical flats in Pentwyn with a long lease were worth £280,000. The average amount of ground rent was £45 billed yearly. The lease lapsed in 2093. Taking into account 70 years unexpired we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.