The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Felinheli may extend the lease for a further 90 years in accordance with legislation. Please give careful consideration before delaying your Felinheli lease extension. Postponing that expense today simply increases the amount you will ultimately have to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Felinheli,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Felinheli valuers.
Half a year ago Hunter, came critically near to the eighty-year threshold with the lease on his leasehold flat in Felinheli. Having purchased his property 18 years previously, the length of the lease was of little relevance. Luckily, he recognised he needed to take action soon on a lease extension. Hunter extended the lease just ahead of time last May. Hunter and the freeholder eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the premium would have increased by a minimum £900.
In 2014 we were phoned by Ms B Carter who, having purchased a studio flat in Felinheli in July 2002. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Similar properties in Felinheli with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 invoiced monthly. The lease lapsed in 2094. Considering the 69 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.
Dr Chloe Rose completed a first floor apartment in Felinheli in July 2004. We are asked if we could approximate the price would be to extend the lease by ninety years. Similar properties in Felinheli with 100 year plus lease were valued around £290,000. The mid-range amount of ground rent was £60 billed quarterly. The lease finished on 10 February 2105. Considering the 80 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.