The only way is down when it comes to Gwernaffield lease terms. Gwernaffield leaseholds that have a remaining term shorter than 80 years will de-escalate in value even faster, and the cost to extend your lease will go up.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Gwernaffield can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.
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 Gwernaffield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Stanley owned a studio flat in Gwernaffield on the market with a lease of just over fifty eight years remaining. Stanley informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Stanley to invoke his statutory right. Stanley obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2013 we were called by Mr and Mrs. B Jackson who, having acquired a recently refurbished flat in Gwernaffield in October 2006. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Gwernaffield with an extended lease were in the region of £285,000. The average ground rent payable was £45 billed every twelve months. The lease ended in 2097. Given that there were 72 years left we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.
Mrs S Young completed a one bedroom apartment in Gwernaffield in April 2005. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Identical residencies in Gwernaffield with 100 year plus lease were valued about £233,200. The mid-range ground rent payable was £60 collected yearly. The lease lapsed on 25 November 2086. Considering the 61 years outstanding we calculated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 exclusive of fees.