Swansea City leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Swansea City enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Swansea City you really ought to check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| National Westminster Bank | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service gives you better control over the value of your Swansea City leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Tyler, came seriously near to the eighty-year threshold with the lease on his leasehold flat in Swansea City. Having purchased his home 19 years ago, the unexpired term was of minimal bearing. Fortunately, it dawned on him that he would soon be paying way over the odds for Extending the lease. Tyler was able to extend his lease at the eleventh hour last January. Tyler and the freeholder subsequently agreed on the final figure of £6,000 . If the lease had slipped below 80 years, the amount would have gone up by a minimum £875.
Mr and Mrs. U Pérez completed a one bedroom flat in Swansea City in June 1996. The dilemma was if we could approximate the premium could be to prolong the lease by an additional years. Identical premises in Swansea City with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ran out on 12 November 2106. Having 80 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.
Mrs C Cox acquired a basement apartment in Swansea City in September 2000. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar homes in Swansea City with a long lease were in the region of £275,000. The average amount of ground rent was £45 invoiced monthly. The lease concluded in 2095. Given that there were 69 years remaining we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.