As the length of the unexpired term of a Tal y bont domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond 99 years remaining then this decrease may be of little impact nevertheless there will become a point in time 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 sooner than later. The majority of flat owners in Tal y bont will meet the qualifying criteria; however a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| TSB |
Using our service gives you increased control over the value of your Tal y bont leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Twenty four months ago Hunter, came perilously near to the 80-year threshold with the lease on his first floor flat in Tal y bont. Having bought his home twenty years previously, the length of the lease was of minimal bearing. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Hunter extended the lease just under the wire in August. Hunter and the landlord who owned the flat above ultimately agreed on sum of £6,000 . If the lease had descended below 80 years, the price would have increased by at least £900.
Dr Sophie Murphy purchased a ground floor apartment in Tal y bont in September 2007. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative homes in Tal y bont with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease finished in 2102. Taking into account 76 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.
In 2014 we were e-mailed by Mr and Mrs. D Gómez who, having was assigned a lease of a one bedroom apartment in Tal y bont in July 1996. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Tal y bont with 100 year plus lease were worth £257,800. The mid-range amount of ground rent was £65 billed quarterly. The lease elapsed on 12 August 2091. Considering the 65 years as a residual term we estimated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including expenses.