When it comes to domestic leasehold property in Taffs Well, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably when there are fewer than eighty years remaining. Anyone in Taffs Well with a lease approaching 81 years unexpired should seriously consider extending it sooner than later. Once the lease term has below eighty years left, under the relevant legislation the freeholder is entitled to calculate and demand a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
Irrespective of whether you are a tenant or a landlord in Taffs Well,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Taffs Well valuers.
Noah was the the leasehold owner of a studio flat in Taffs Well being marketed with a lease of a little over 59 years left. Noah informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Noah to invoke his statutory right. Noah procured expert advice and secured satisfactory deal informally and ending up with a market value flat.
Ms J Thomas completed a studio flat in Taffs Well in February 2001. We are asked if we could approximate the price could be to prolong the lease by 90 years. Comparable properties in Taffs Well with a long lease were worth £261,600. The mid-range amount of ground rent was £60 invoiced annually. The lease termination date was in 2077. Having 52 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £39,000 and £45,000 not including costs.
Ms Millie López completed a basement flat in Taffs Well in January 2012. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Taffs Well with a long lease were worth £218,000. The mid-range ground rent payable was £45 billed yearly. The lease came to a finish in 2088. Having 63 years outstanding we approximated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including legals.