The only way is down when it comes to Port Talbot lease terms. Port Talbot properties that have a residual term lower than 80 years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Port Talbot can be a difficult process. We recommend you obtain guidance 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 in-depth market knowledge dealing with 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.
Stanley was the the leasehold proprietor of a studio apartment in Port Talbot being marketed with a lease of just over sixty years unexpired. Stanley informally contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Stanley to exercise his statutory right. Stanley procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.
Dr A Edwards owned a one bedroom apartment in Port Talbot in June 2011. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Identical homes in Port Talbot with a long lease were in the region of £206,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease concluded in 2081. Given that there were 56 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of expenses.
Last year we were e-mailed by Mrs I Brooks , who was assigned a lease of a one bedroom apartment in Port Talbot in February 2004. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Similar homes in Port Talbot with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 collected yearly. The lease finished in 2101. Considering the 76 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.