On the balance of probabilities where you own a flat in Port Talbot you actually own a long leasehold interest over your property
Leasehold premises in Port Talbot with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Port Talbot can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 procuring Port Talbot 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 protracted correspondence with the freeholder of her garden flat in Port Talbot, Jordan commenced the lease extension process just as her lease was coming close to the crucial 80-year threshold. The lease extension completed in January 2012. The landlord’s costs were restricted to less than 600 pounds.
In 2009 we were phoned by Mr Austin Miller who, having owned a one bedroom flat in Port Talbot in February 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparative flats in Port Talbot with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 invoiced quarterly. The lease expired in 2086. Considering the 61 years unexpired we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including expenses.
In 2014 we were e-mailed by Dr Jodie Brown who, having took over the lease of a ground floor apartment in Port Talbot in May 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparative residencies in Port Talbot with a long lease were in the region of £171,800. The average amount of ground rent was £55 invoiced annually. The lease expired on 24 September 2075. Having 50 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 plus costs.