The only way is down when it comes to Abersychan lease terms. Abersychan flats that have a residual term shorter than 80 years will reduce in value at a rapid rate, and the cost of extending your lease will go up.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety 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 |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. 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; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | 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. |
Retaining our service gives you better control over the value of your Abersychan leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful negotiations with the freeholder of her two bedroom flat in Abersychan, Jessica started the lease extension process as the 80 year deadline was swiftly approaching. The transaction completed in April 2015. The landlord’s charges were restricted to under 700 GBP.
In 2009 we were phoned by Dr D Gunderson who, having owned a recently refurbished flat in Abersychan in July 1997. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparative flats in Abersychan with a long lease were in the region of £208,200. The mid-range ground rent payable was £65 collected per annum. The lease lapsed on 13 March 2086. Given that there were 61 years remaining we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus professional charges.
Last Winter we were called by Mr and Mrs. J Hall , who was assigned a lease of a basement flat in Abersychan in November 2003. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable flats in Abersychan with an extended lease were worth £260,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2097. Given that there were 72 years remaining we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.