On the balance of probabilities where you own a flat in Ystrad Mynach you actually own a long leasehold interest over your property
Leasehold properties in Ystrad Mynach with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with undertake Ystrad Mynach lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Kian owned a studio apartment in Ystrad Mynach being sold with a lease of fraction over 59 years left. Kian informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Kian to exercise his statutory right. Kian obtained expert advice and secured an acceptable deal informally and sell the flat.
Mr and Mrs. O Phillips was assigned a lease of a first floor apartment in Ystrad Mynach in July 2011. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparative residencies in Ystrad Mynach with an extended lease were worth £205,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish in 2104. Considering the 79 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.
Ms Phoebe Taylor moved into a basement apartment in Ystrad Mynach in July 1995. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative flats in Ystrad Mynach with a long lease were worth £275,000. The average amount of ground rent was £65 invoiced annually. The lease end date was in 2093. Having 68 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.