The only way is down when it comes to Carmarthen lease terms. Carmarthen properties that have a lease term lower than 80 years will reduce in value even faster, and the cost of extending your lease will increase.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service will provide you increased control over the value of your Carmarthen leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the landlord of her ground floor flat in Carmarthen, Elizabeth commenced the lease extension process just as her lease was nearing the critical 80-year deadline. The transaction was finalised in July 2006. The landlord’s costs were kept to an absolute minimum.
Last month we were called by Mr and Mrs. D Garcia , who moved into a garden apartment in Carmarthen in November 2008. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar residencies in Carmarthen with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 billed quarterly. The lease termination date was in 2105. Having 80 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.
Dr Owen Gunderson took over the lease of a garden apartment in Carmarthen in June 2003. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Comparable flats in Carmarthen with a long lease were worth £200,800. The average ground rent payable was £65 collected quarterly. The lease terminated on 20 April 2085. Considering the 60 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 plus legals.