Taffs Well leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the existing lease drops under eighty years - otherwise a higher premium will be payable. Leasehold owners in Taffs Well will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Taffs Well with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Taffs Well can be a difficult process. We recommend you secure guidance from a lawyer 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 Taffs Well lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin was the the leasehold proprietor of a studio apartment in Taffs Well being sold with a lease of a little over 59 years left. Benjamin informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the flat.
In 2013 we were e-mailed by Mrs Millie Morgan who, having acquired a purpose-built apartment in Taffs Well in January 2012. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable premises in Taffs Well with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 invoiced quarterly. The lease concluded in 2092. Considering the 66 years remaining we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus legals.
Mr and Mrs. D Hernández moved into a purpose-built flat in Taffs Well in March 2003. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Taffs Well with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £55 collected per annum. The lease elapsed in 2103. Given that there were 77 years remaining we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.