There is no doubt about it a leasehold property in Pontyclun is a wasting asset as a result of the shortening lease. If the lease has, over 100 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Pontyclun will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Pontyclun,the lease extension solicitors 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 Pontyclun valuers.
In recent months Max, started to get near to the eighty-year threshold with the lease on his studio apartment in Pontyclun. In buying his flat two decades ago, the unexpired term was of minimal interest. Luckily, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Max arranged for a lease extension at the eleventh hour last June. Max and the landlord ultimately agreed on a premium of £5,500 . If he failed to meet the deadline, the premium would have escalated by at least £1,150.
Last Spring we were e-mailed by Mr Owen Bernard , who completed a one bedroom apartment in Pontyclun in January 2008. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparative premises in Pontyclun with an extended lease were worth £225,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease expired in 2086. Taking into account 60 years remaining we calculated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 exclusive of expenses.
Mr and Mrs. L Norbert took over the lease of a one bedroom flat in Pontyclun in June 2010. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable properties in Pontyclun with a long lease were worth £210,000. The mid-range ground rent payable was £50 collected yearly. The lease came to a finish in 2106. Taking into account 80 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.