As the the remaining lease term of a Rhymney residential lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 100 years to run then this decrease may be fractional that being said there will become a stage when a lease has under than eighty 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 primary reason why you should extend the lease without delay. The majority of flat owners in Rhymney will qualify for this right; nevertheless a lawyer will be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Rhymney with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Rhymney can be a difficult process. We recommend you secure professional help from a lawyer 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 Rhymney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Jackson, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Rhymney. In buying his flat two decades ago, the unexpired term was of minimal interest. Thankfully, he realised he needed to take steps soon on Extending the lease. Jackson extended the lease just under the wire last August. Jackson and the landlord in the end agreed on an amount of £5,000 . If the lease had fallen lower than eighty years, the amount would have become more costly by a minimum £950.
Mr M Alexander completed a basement apartment in Rhymney in January 1999. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar residencies in Rhymney with 100 year plus lease were valued around £216,000. The average ground rent payable was £60 collected quarterly. The lease elapsed in 2083. Considering the 58 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.
Dr O Clark owned a newly refurbished apartment in Rhymney in February 2006. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparable flats in Rhymney with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease elapsed on 1 February 2103. Considering the 78 years remaining we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.