The only way is down when it comes to Bangor lease terms. Bangor properties that have a lease term shorter than eighty years will drop in market price even faster, and the cost of extending your lease will increase.
Leasehold premises in Bangor with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| 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. |
| Coventry Building Society | 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. |
| 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. |
Regardless of whether you are a tenant or a landlord in Bangor,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bangor valuers.
Off the back of unsuccessful discussions with the freeholder of her first floor flat in Bangor, Naomi started the lease extension process as the eighty year threshold was quickly advancing. The lease extension was finalised in March 2014. The freeholder’s charges were restricted to less than four hundred GBP.
Mrs U Gunderson bought a studio flat in Bangor in August 2003. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Bangor with a long lease were in the region of £256,600. The average amount of ground rent was £60 billed monthly. The lease expiry date was in 2078. Given that there were 52 years outstanding we approximated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 plus legals.
Ms Rosie Morgan was assigned a lease of a studio flat in Bangor in August 2002. The question was if we could estimate the premium would be to prolong the lease by 90 years. Comparative premises in Bangor with an extended lease were worth £218,000. The mid-range ground rent payable was £45 billed annually. The lease lapsed in 2089. Considering the 63 years unexpired we approximated the premium to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of fees.