As the the remaining lease term of a Tremeirchion residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 100 years remaining then this decrease may be negligible however there will become a stage when a lease has less 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 logic behind why you should consider extending without delay. Many flat owners in Tremeirchion will qualify for this right; nevertheless a lawyer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Using our service will provide you increased control over the value of your Tremeirchion leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Cameron owned a conversion flat in Tremeirchion being marketed with a lease of a little over 59 years remaining. Cameron informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Cameron to exercise his statutory right. Cameron procured expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
Last month we were approach by Mrs W Bonnet , who was assigned a lease of a first floor flat in Tremeirchion in July 2007. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical properties in Tremeirchion with an extended lease were in the region of £225,400. The average ground rent payable was £45 collected quarterly. The lease end date was in 2090. Having 64 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 not including fees.
In 2014 we were called by Dr Isaac Pérez who, having owned a basement flat in Tremeirchion in February 1998. The dilemma was if we could estimate the premium could be to extend the lease by an additional years. Comparative properties in Tremeirchion with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 collected monthly. The lease elapsed on 5 July 2101. Having 75 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.