When it comes to long leasehold premises in Treuddyn, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than 80 years remaining. Residents in Treuddyn with a lease nearing 81 years left should seriously think of extending it sooner rather than later. When the lease term has fewer than eighty years remaining, under the current statute the freeholder is entitled to calculate and charge a greater amount, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold premises in Treuddyn with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Treuddyn can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 Treuddyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Max owned a high value apartment in Treuddyn being sold with a lease of just over 59 years remaining. Max on an informal basis approached his landlord a well known Bristol-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 at the outset set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Last Christmas we were called by Mr James Gómez , who moved into a ground floor flat in Treuddyn in February 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparable premises in Treuddyn with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £55 invoiced annually. The lease ran out on 8 November 2100. Given that there were 75 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.
Mr and Mrs. A Mason bought a garden apartment in Treuddyn in September 2000. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar homes in Treuddyn with an extended lease were worth £168,800. The average ground rent payable was £60 invoiced every twelve months. The lease came to a finish on 6 July 2080. Taking into account 55 years remaining we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including legals.