As the length of the unexpired term of a Pencader residential lease lessens so does its value and therefore the value of your property. Where the residual term has, more than one hundred years to run then this decrease may be of little impact however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Pencader will meet the qualifying criteria; that being said a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Birmingham Midshires | |
| Santander | |
| Virgin |
Lease extensions in Pencader can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in this area.
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 procuring Pencader lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold owner of a conversion apartment in Pencader on the market with a lease of fraction over 61 years left. Luca on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Luca to invoke his statutory right. Luca procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.
In 2014 we were phoned by Dr K Garcia who, having took over the lease of a recently refurbished apartment in Pencader in October 2007. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Similar homes in Pencader with an extended lease were valued about £254,200. The average amount of ground rent was £60 billed yearly. The lease expired in 2077. Given that there were 51 years remaining we approximated the premium to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of expenses.
Last Christmas we were called by Dr J Petit , who moved into a purpose-built apartment in Pencader in February 2009. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar homes in Pencader with 100 year plus lease were in the region of £210,600. The average amount of ground rent was £45 collected yearly. The lease ran out on 4 February 2088. Taking into account 62 years unexpired we estimated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including expenses.