Treuddyn leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Treuddyn enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Treuddyn you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Treuddyn leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Treuddyn,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 in-depth market knowledge and the close ties they enjoy with Treuddyn valuers.
Eliot owned a conversion flat in Treuddyn on the market with a lease of just over 61 years unexpired. Eliot on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Eliot to exercise his statutory right. Eliot procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
Dr Toby Pérez acquired a one bedroom apartment in Treuddyn in August 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparative residencies in Treuddyn with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease came to a finish on 15 November 2098. Given that there were 73 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.
Last month we were called by Dr Rory Roux , who moved into a basement apartment in Treuddyn in July 2007. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical premises in Treuddyn with a long lease were in the region of £264,000. The average ground rent payable was £60 invoiced annually. The lease ended on 17 June 2078. Considering the 53 years remaining we approximated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 plus legals.