The only way is down when it comes to Crickhowell lease terms. Crickhowell flats that have a residual term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Crickhowell,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Crickhowell valuers.
Following protracted correspondence with the landlord of her two bedroom flat in Crickhowell, Kelsey initiated the lease extension process as the eighty year mark was swiftly coming. The transaction was finalised in November 2010. The landlord’s charges were kept to an absolute minimum.
Last June we were approach by Ms Sian Díaz , who took over the lease of a one bedroom apartment in Crickhowell in June 2004. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparative residencies in Crickhowell with a long lease were in the region of £225,400. The mid-range ground rent payable was £45 billed annually. The lease termination date was on 5 November 2090. Having 64 years unexpired we calculated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 not including expenses.
Dr Kelsey Bailey completed a studio apartment in Crickhowell in May 2003. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Identical residencies in Crickhowell with 100 year plus lease were valued about £270,000. The average amount of ground rent was £55 invoiced annually. The lease terminated on 14 November 2101. Considering the 75 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including legals.