The only way is down when it comes to Pentyrch lease terms. Pentyrch leaseholds that have a remaining term fewer than eighty years will reduce in value even faster, and the cost of extending your lease will go up.
Leasehold properties in Pentyrch with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service gives you increased control over the value of your Pentyrch leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Charlie, came critically near to the 80-year mark with the lease on his ground floor flat in Pentyrch. In buying his property two decades ago, the unexpired term was of no importance. Thankfully, he noticed he would soon be paying way over the odds for a lease extension. Charlie extended the lease just under the wire in May. Charlie and the landlord ultimately agreed on an amount of £5,500 . If he had missed the deadline, the figure would have escalated by a minimum £1,150.
Last month we were called by Ms C Moore , who owned a purpose-built apartment in Pentyrch in March 2007. The question was if we could approximate the price could be for a 90 year extension to my lease. Identical properties in Pentyrch with a long lease were worth £275,000. The average amount of ground rent was £55 collected every twelve months. The lease elapsed on 5 April 2102. Considering the 76 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.
Last July we were e-mailed by Dr C Phillips , who owned a basement apartment in Pentyrch in July 2008. We are asked if we could approximate the premium would be to extend the lease by an additional years. Similar homes in Pentyrch with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed quarterly. The lease lapsed on 25 January 2082. Considering the 56 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of legals.