The only way is down when it comes to Bangor lease terms. Bangor leaseholds that have a remaining term shorter than 80 years will reduce in value at a rapid rate, and the cost to extend your lease will rise.
It is generally accepted that a residential leasehold with more than 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 residence 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
The conveyancing solicitors that we work with undertake Bangor lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Kian was the the leasehold proprietor of a conversion flat in Bangor on the market with a lease of fraction over fifty eight years remaining. Kian informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Kian to exercise his statutory right. Kian procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Last year we were contacted by Mrs R Scott , who moved into a basement flat in Bangor in March 2001. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Similar premises in Bangor with an extended lease were worth £250,000. The average amount of ground rent was £50 billed per annum. The lease elapsed on 9 November 2095. Given that there were 69 years unexpired we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.
Last year we were phoned by Dr H Stewart , who owned a first floor apartment in Bangor in October 2012. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Comparative premises in Bangor with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £55 invoiced annually. The lease expired on 16 June 2106. Given that there were 80 years remaining we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.