On the balance of probabilities where you own a flat in Pontprennau you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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 Pontprennau can be a difficult process. We recommend you procure professional help from a conveyancer 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 procuring Pontprennau lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy discussions with the freeholder of her two bedroom apartment in Pontprennau, Jessica initiated the lease extension process as the eighty year mark was fast nearing. The lease extension was concluded in April 2012. The landlord’s charges were kept to an absolute minimum.
Mrs Yasmin Richardson moved into a garden apartment in Pontprennau in June 2005. We are asked if we could approximate the price could be for a 90 year lease extension. Comparable homes in Pontprennau with an extended lease were valued around £255,000. The average amount of ground rent was £50 billed per annum. The lease terminated in 2096. Given that there were 70 years outstanding we estimated the premium to the landlord to extend the lease to be between £10,500 and £12,000 exclusive of fees.
Last September we were phoned by Mr and Mrs. G Díaz , who owned a purpose-built apartment in Pontprennau in May 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative flats in Pontprennau with 100 year plus lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced annually. The lease concluded in 2076. Given that there were 50 years left we approximated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 not including costs.