Chances are that where you own a flat in Aberporth you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Aberporth can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Aberporth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy negotiations with the freeholder of her leasehold apartment in Aberporth, Sophia commenced the lease extension process as the 80 year mark was quickly nearing. The lease extension was concluded in November 2014. The landlord’s charges were kept to an absolute minimum.
Mrs Georgina Cook completed a first floor apartment in Aberporth in October 2000. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Similar homes in Aberporth with a long lease were valued about £189,000. The average ground rent payable was £55 billed every twelve months. The lease end date was on 19 March 2077. Given that there were 53 years remaining we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.
Last October we were called by Dr Kian Bertrand , who took over the lease of a first floor flat in Aberporth in May 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Aberporth with a long lease were valued about £290,000. The average amount of ground rent was £45 billed every twelve months. The lease terminated on 26 February 2097. Taking into account 73 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.