As the length of the unexpired term of a Tremeirchion domestic lease lessens so does its value and therefore the value of your property. If the residual term has, over 99 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner as opposed to later. Many flat owners in Tremeirchion will qualify for this right; that being said a conveyancer can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent 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 |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a freeholder in Tremeirchion,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Tremeirchion valuers.
Connor owned a conversion apartment in Tremeirchion on the market with a lease of just over fifty eight years left. Connor on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Connor to invoke his statutory right. Connor procured expert advice and secured an acceptable deal without going to tribunal and readily saleable.
In 2014 we were contacted by Mr R Roberts who, having took over the lease of a one bedroom apartment in Tremeirchion in June 2005. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparable properties in Tremeirchion with an extended lease were worth £260,000. The average amount of ground rent was £50 collected quarterly. The lease elapsed in 2099. Taking into account 73 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.
In 2012 we were approached by Mr and Mrs. V Flores who, having bought a studio apartment in Tremeirchion in October 2008. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable properties in Tremeirchion with a long lease were valued about £261,600. The mid-range ground rent payable was £60 collected every twelve months. The lease expired on 27 November 2078. Taking into account 52 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of costs.