With a long leasehold property in Pontardawe, you are actually purchasing a right to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than 80 years left. Residents in Pontardawe with a lease drawing near to 81 years remaining should seriously think of extending it sooner rather than later. Once a lease has below 80 years remaining, under the relevant Act the landlord is entitled to calculate and demand a larger premium, assessed on a technical calculation, known as “marriage value” which is due.
Leasehold properties in Pontardawe with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society | |
| TSB |
Lease extensions in Pontardawe can be a difficult process. We recommend you obtain professional help 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 dealing with Pontardawe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Caleb owned a high value flat in Pontardawe on the market with a lease of a little over fifty eight years outstanding. Caleb informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Last month we were called by Dr U Fournier , who moved into a studio flat in Pontardawe in January 1996. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar homes in Pontardawe with an extended lease were in the region of £246,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease expiry date was in 2076. Considering the 50 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 not including expenses.
Dr Isabel Hill acquired a basement flat in Pontardawe in May 2002. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar residencies in Pontardawe with a long lease were in the region of £208,200. The mid-range amount of ground rent was £65 collected yearly. The lease elapsed in 2087. Given that there were 61 years remaining we calculated the premium to the landlord to extend the lease to be within £20,000 and £23,000 not including expenses.