On the balance of probabilities if you own a flat in Glan Conwy you actually own a long leasehold interest over your property
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Coventry Building Society | 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. |
| 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. |
Lease extensions in Glan Conwy can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 a wealth of experience dealing with Glan Conwy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her two bedroom apartment in Glan Conwy, Olivia started the lease extension process just as her lease was coming close to the critical eighty-year mark. The legal work completed in April 2005. The freeholder’s charges were negotiated to under 500 pounds.
In 2014 we were e-mailed by Dr Stephanie Anderson who, having moved into a ground floor flat in Glan Conwy in May 2002. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparable flats in Glan Conwy with a long lease were worth £270,000. The average amount of ground rent was £55 invoiced yearly. The lease end date was on 14 June 2101. Having 75 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.
Last Winter we were called by Ms K Peterson , who completed a one bedroom flat in Glan Conwy in July 2010. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar premises in Glan Conwy with 100 year plus lease were valued around £173,800. The average ground rent payable was £60 billed per annum. The lease concluded in 2081. Considering the 55 years remaining we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of expenses.