Llanarth Lease Extension - Free Consultation

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Main reasons to start your Llanarth lease extension


Why you should commence your Llanarth lease extension today:

Increase your lease and increase your Llanarth property value

The market value of a leasehold property in Llanarth depends on how many years the lease has remaining. If it is close to or fewer than eighty years you should envisage difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years unexpired so that all matters can be addressed prior to the 80 year threshold. Leasehold Reform legislation entitles Llanarth qualifying lessees to an additional term of 90 years in addition to the remaining term, at a nominal rent (zero ground rent). The reason of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Most mortgage lenders will not lend on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Llanarth property becoming difficult to sell or remortgage.

Lender Requirement
Accord Mortgages 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.
Lloyds TSB Scotland Minimum 70 years from the date 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.
Yorkshire 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.

What makes us experts in Llanarth lease extensions?

Lease extensions in Llanarth can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 Llanarth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llanarth Lease Extension Example Cases:

Aarav, Llanarth, Aberaeron,

Aarav was the the leasehold owner of a studio flat in Llanarth being marketed with a lease of fraction over 59 years outstanding. Aarav informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Aarav to invoke his statutory right. Aarav procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Llanarth case:

Last Christmas we were contacted by Mr and Mrs. J Roux , who acquired a purpose-built apartment in Llanarth in March 2003. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparative properties in Llanarth with 100 year plus lease were valued about £270,000. The mid-range ground rent payable was £55 collected yearly. The lease lapsed in 2099. Considering the 75 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Llanarth case:

Ms H Wilson bought a basement flat in Llanarth in March 2003. The dilemma was if we could estimate the premium would be to extend the lease by ninety years. Similar properties in Llanarth with an extended lease were valued around £168,800. The mid-range amount of ground rent was £60 collected yearly. The lease concluded in 2079. Taking into account 55 years outstanding we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including costs.