The only way is down when it comes to Carmarthen lease terms. Carmarthen properties that have a remaining term less than than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Carmarthen with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Chelsea 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. |
| 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 Carmarthen can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Carmarthen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kyle was the the leasehold proprietor of a conversion flat in Carmarthen being marketed with a lease of fraction over 72 years unexpired. Kyle on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.
Last month we were contacted by Dr Grace Sharif , who purchased a recently refurbished flat in Carmarthen in November 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar homes in Carmarthen with 100 year plus lease were worth £166,400. The average amount of ground rent was £60 invoiced monthly. The lease came to a finish in 2079. Taking into account 54 years left we calculated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus legals.
Last Autumn we were e-mailed by Ms C Gunderson , who bought a ground floor apartment in Carmarthen in January 1997. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative properties in Carmarthen with an extended lease were valued about £227,800. The average ground rent payable was £45 billed annually. The lease expiry date was in 2090. Considering the 65 years remaining we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of legals.