The nearer a residential lease in Skewen gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than 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 unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Skewen will qualify for this right; however a conveyancer can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Skewen with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| Santander |
Regardless of whether you are a tenant or a freeholder in Skewen,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Skewen valuers.
Subsequent to lengthy correspondence with the freeholder of her two bedroom flat in Skewen, Harriet commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The transaction was finalised in June 2015. The freeholder’s costs were restricted to approximately 550 GBP.
Mr V King was assigned a lease of a one bedroom apartment in Skewen in October 1998. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Identical properties in Skewen with a long lease were worth £193,400. The average ground rent payable was £65 collected monthly. The lease lapsed in 2085. Given that there were 59 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.
Mr and Mrs. F Bennett took over the lease of a purpose-built apartment in Skewen in January 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Identical properties in Skewen with an extended lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish on 20 May 2096. Having 70 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.