Unfortunately that a Pontardawe residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Pontardawe property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in Pontardawe will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.
Leasehold properties in Pontardawe with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Pontardawe can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 Pontardawe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her basement apartment in Pontardawe, Rachel started the lease extension process just as the lease was nearing the critical 80-year threshold. The transaction was concluded in June 2010. The freeholder’s charges were restricted to a tad over 500 pounds.
Mrs U Martinez took over the lease of a ground floor flat in Pontardawe in August 2012. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative flats in Pontardawe with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 invoiced quarterly. The lease terminated in 2088. Considering the 62 years outstanding we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus legals.
In 2014 we were approached by Dr Stephanie Miller who, having owned a ground floor flat in Pontardawe in June 1999. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar properties in Pontardawe with an extended lease were valued around £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease terminated on 11 January 2099. Given that there were 73 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.