Pentwyn leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease dips under eighty years - otherwise a higher amount will be due. Flat owners in Pentwyn will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Pentwyn with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Skipton Building Society | |
| Yorkshire Building Society |
Retaining our service will provide you enhanced control over the value of your Pentwyn leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted discussions with the landlord of her ground floor apartment in Pentwyn, Emily commenced the lease extension process as the eighty year threshold was rapidly approaching. The lease extension was concluded in January 2012. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. T Reed moved into a basement flat in Pentwyn in March 1998. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative residencies in Pentwyn with an extended lease were in the region of £290,000. The average amount of ground rent was £45 billed quarterly. The lease expiry date was in 2099. Considering the 73 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.
Last Autumn we were e-mailed by Mr and Mrs. C Patel , who completed a garden flat in Pentwyn in March 2003. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative residencies in Pentwyn with 100 year plus lease were valued about £240,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease expired on 25 November 2088. Taking into account 62 years outstanding we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including professional charges.