Chances are that where you own a flat in Pentwyn you actually own a long leasehold interest over your property
Leasehold premises in Pentwyn with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| 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 Pentwyn can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Pentwyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Cameron, came very near to the eighty-year mark with the lease on his garden flat in Pentwyn. In buying his home 19 years ago, the lease term was of little concern. Thankfully, he recognised he needed to take steps soon on Extending the lease. Cameron was able to extend his lease at the eleventh hour last March. Cameron and the freeholder via the management company in the end agreed on sum of £5,000 . If the lease had descended lower than 80 years, the amount would have escalated by at least £1,025.
Mr and Mrs. R Hill moved into a garden apartment in Pentwyn in September 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparable properties in Pentwyn with 100 year plus lease were worth £201,200. The average ground rent payable was £55 collected yearly. The lease ended in 2082. Given that there were 56 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus fees.
In 2011 we were e-mailed by Dr U Pérez who, having was assigned a lease of a studio flat in Pentwyn in October 2011. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparative properties in Pentwyn with an extended lease were valued around £300,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease elapsed in 2102. Given that there were 76 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.