Pontarddulais leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease drops below eighty years - otherwise a higher amount will be payable. Leasehold owners in Pontarddulais will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Pontarddulais with in excess of 100 years outstanding 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Santander |
Lease extensions in Pontarddulais can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
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 Pontarddulais lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kian owned a high value flat in Pontarddulais being marketed with a lease of just over 72 years outstanding. Kian informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert legal guidance and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
Dr Grace Johnson acquired a one bedroom flat in Pontarddulais in May 2011. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Identical flats in Pontarddulais with a long lease were worth £246,800. The average ground rent payable was £60 invoiced per annum. The lease concluded in 2076. Given that there were 50 years outstanding we estimated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 not including professional charges.
Last year we were called by Mr and Mrs. P García , who was assigned a lease of a one bedroom flat in Pontarddulais in February 1997. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar premises in Pontarddulais with a long lease were in the region of £208,200. The average amount of ground rent was £65 collected yearly. The lease lapsed on 12 March 2087. Given that there were 61 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including expenses.