The only way is down when it comes to Ponthir lease terms. Ponthir leaseholds that have a remaining term fewer than eighty years will de-escalate in value at a rapid rate, and the cost of extending your lease will rise.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.
| 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. |
| Coventry Building Society | 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Ponthir,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ponthir valuers.
During the course of the last few months Felix, started to get near to the 80-year threshold with the lease on his one bedroom flat in Ponthir. In buying his home two decades ago, the lease term was of minimal significance. As luck would have it, he became aware that he would soon be paying an inflated amount for Extending the lease. Felix was able to extend his lease at the eleventh hour last March. Felix and the freeholder via the managing agents subsequently agreed on the final figure of £5,500 . If the lease had descended lower than 80 years, the price would have become more costly by at least £875.
Last year we were called by Mr and Mrs. K Johnson , who purchased a garden apartment in Ponthir in January 2011. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical flats in Ponthir with 100 year plus lease were valued about £261,600. The average amount of ground rent was £60 invoiced every twelve months. The lease finished on 8 September 2077. Considering the 52 years outstanding we approximated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 not including expenses.
In 2009 we were e-mailed by Dr Charlotte Clarke who, having purchased a purpose-built flat in Ponthir in August 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative residencies in Ponthir with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 billed annually. The lease ran out on 19 February 2088. Considering the 63 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including professional charges.