The only way is down when it comes to Kidwelly lease terms. Kidwelly flats that have a lease term shorter than eighty years will reduce in value even faster, and the cost to extend your lease will go up.
It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 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. |
Lease extensions in Kidwelly can be a difficult process. We recommend you procure guidance from a lawyer 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 Kidwelly lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted negotiations with the landlord of her first floor flat in Kidwelly, Shannon started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction completed in August 2012. The landlord’s costs were kept to an absolute minimum.
Last month we were phoned by Ms G Clark , who purchased a studio flat in Kidwelly in November 2003. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical properties in Kidwelly with 100 year plus lease were worth £218,000. The average ground rent payable was £45 collected yearly. The lease finished on 19 January 2089. Considering the 63 years left we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of expenses.
Mrs Natalie Gray completed a purpose-built flat in Kidwelly in October 2010. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical premises in Kidwelly with an extended lease were worth £265,000. The average amount of ground rent was £55 collected annually. The lease elapsed in 2100. Considering the 74 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.