Main reasons to commence your Hengoed lease extension
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Main reasons to commence your Hengoed lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/hengoed">Hengoed</a> property value </h4>
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The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium.
Qualifying leaseholders in Hengoed have the right to extend the lease for an additional ninety years under legislation. Please give careful consideration before delaying your Hengoed lease extension. Putting off that expense now simply escalates the amount you will eventually be required to pay for a lease extension. <h4>Hengoed property with a lease extension has roughly the same value as a freehold</h4>
<p> It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
<h4>Mortgage lenders may not grant a mortgage with a short lease</h4> Most banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wanting to purchase your property in the future might well do, so where they can't secure a mortgage, then the value of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on <p>
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 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.
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What makes us experts in Hengoed lease extensions?
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Lease extensions in Hengoed can be a difficult process. We recommend you procure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
<p>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 dealing with Hengoed lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Hengoed Lease Extension Example Cases:
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<h5> Alisha, Hengoed, Caerphilly,</h5>
<p> Subsequent to unsuccessful correspondence with the freeholder of her studio apartment in Hengoed, Alisha initiated the lease extension process as the eighty year deadline was swiftly coming. The lease extension was finalised in February 2007. The landlord’s fees were kept to an absolute minimum.
<h5>Hengoed case:</h5>
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In 2012 we were called by Mrs I Girard who, having purchased a purpose-built flat in Hengoed in June 2009. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Similar homes in Hengoed with an extended lease were worth £265,000. The average ground rent payable was £50 collected yearly. The lease ran out on 15 April 2099. Taking into account 73 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.
<h5>Hengoed case:</h5>
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In 2010 we were called by Mr J Kelly who, having completed a studio apartment in Hengoed in June 2009. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Identical premises in Hengoed with an extended lease were in the region of £264,000. The mid-range ground rent payable was £60 billed every twelve months. The lease expired in 2079. Taking into account 53 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 not including professional charges.
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