As the the remaining lease term of a Pontarddulais residential lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of one hundred years to run then this decrease may be negligible however there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Pontarddulais will qualify for this right; nevertheless a lawyer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Pontarddulais can be a difficult process. We recommend you procure 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 in-depth market knowledge dealing with Pontarddulais lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of protracted correspondence with the landlord of her one bedroom flat in Pontarddulais, Lily initiated the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction was finalised in August 2006. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. W Moreau was assigned a lease of a one bedroom apartment in Pontarddulais in February 2000. We are asked if we could approximate the premium would likely be to extend the lease by a further 90 years. Similar properties in Pontarddulais with a long lease were worth £173,800. The average ground rent payable was £60 billed monthly. The lease came to a finish in 2081. Having 55 years outstanding we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus expenses.
Mr R Hall acquired a ground floor flat in Pontarddulais in March 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparable homes in Pontarddulais with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 billed per annum. The lease terminated on 7 January 2092. Given that there were 66 years unexpired we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.