As the length of the unexpired term of a Mynydd Isa residential lease diminished so does its value and therefore the value of your property. If the residual term has, beyond one hundred years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner as opposed to later. The majority of flat owners in Mynydd Isa will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Mynydd Isa with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Lease extensions in Mynydd Isa can be a difficult process. We recommend you obtain guidance 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 Mynydd Isa lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luke owned a high value flat in Mynydd Isa on the market with a lease of a little over sixty years unexpired. Luke on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Luke to exercise his statutory right. Luke obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last May we were contacted by Mr I Moore , who purchased a ground floor flat in Mynydd Isa in July 2007. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Mynydd Isa with an extended lease were valued around £225,400. The average amount of ground rent was £45 billed per annum. The lease finished on 6 January 2090. Considering the 64 years remaining we calculated the premium to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of expenses.
Mr and Mrs. U Davies moved into a ground floor flat in Mynydd Isa in September 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Identical premises in Mynydd Isa with a long lease were worth £270,000. The average ground rent payable was £55 invoiced yearly. The lease elapsed in 2101. Considering the 75 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.