Pontarddulais leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Pontarddulais enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Pontarddulais you really ought to see if your lease has between 70 and ninety years left. There are good reasons why a Pontarddulais flat owner with a lease having around 80 years unexpired should take steps to make sure that a lease extension is effected without delay
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Pontarddulais,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pontarddulais valuers.
Trailing unsuccessful discussions with the freeholder of her leasehold flat in Pontarddulais, Leah initiated the lease extension process just as the lease was nearing the critical 80-year deadline. The transaction was concluded in October 2006. The freeholder’s costs were kept to an absolute minimum.
Mr Jack Jones bought a garden flat in Pontarddulais in September 2000. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Comparative premises in Pontarddulais with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected quarterly. The lease ran out in 2095. Taking into account 69 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.
Mr and Mrs. G Peterson moved into a first floor flat in Pontarddulais in May 1999. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Identical flats in Pontarddulais with 100 year plus lease were valued around £285,000. The average amount of ground rent was £55 billed every twelve months. The lease terminated in 2106. Having 80 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.