The re-sale value of a leasehold property in Talybont depends on how many years the lease has remaining. If it is close to or less than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be addressed prior to the eighty year cut off point. Current legislation entitles Talybont qualifying lessees to an additional term of ninety years over and above the unexpired term, at a peppercorn rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety 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 | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society |
Lease extensions in Talybont can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 a wealth of experience dealing with Talybont lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Mason, came critically close to the 80-year mark with the lease on his garden flat in Talybont. In buying his flat two decades ago, the lease term was of minimal significance. Luckily, he recognised he needed to take action soon on a lease extension. Mason extended the lease just under the wire in April. Mason and the landlord eventually settled on an amount of £5,000 . If the lease had fallen to less than 80 years, the premium would have gone up by a minimum £975.
Dr K King was assigned a lease of a studio apartment in Talybont in April 2004. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Similar properties in Talybont with a long lease were in the region of £242,600. The mid-range amount of ground rent was £45 invoiced yearly. The lease ended in 2093. Taking into account 67 years left we calculated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 not including costs.
In 2010 we were called by Ms Danielle Bailey who, having purchased a studio apartment in Talybont in September 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Talybont with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 billed per annum. The lease ran out on 21 September 2104. Considering the 78 years remaining we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of expenses.