The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bangor have the legal entitlement to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Bangor lease extension. Postponing that expense today simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold premises in Bangor with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| 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. |
| 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. |
| 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. |
Lease extensions in Bangor can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 Bangor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful negotiations with the freeholder of her ground floor flat in Bangor, Tia commenced the lease extension process as the 80 year deadline was swiftly advancing. The lease extension was finalised in January 2014. The landlord’s costs were restricted to under 500 pounds.
In 2011 we were phoned by Mr F Sánchez who, having completed a ground floor apartment in Bangor in September 2002. The question was if we could approximate the premium would be for a 90 year lease extension. Similar homes in Bangor with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 collected per annum. The lease expiry date was on 24 May 2083. Taking into account 57 years unexpired we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including costs.
Ms Robyn Kelly took over the lease of a garden flat in Bangor in March 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in Bangor with a long lease were worth £245,000. The average ground rent payable was £50 collected per annum. The lease finished in 2094. Considering the 68 years remaining we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.