The only way is down when it comes to Kilgetty lease terms. Kilgetty flats that have a lease term lower than eighty years will de-escalate in value even faster, and the cost to extend your lease will increase.
Leasehold properties in Kilgetty with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
The lawyers that we work with procure Kilgetty lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
In the wake of 9 months of lengthy discussions with the landlord of her two bedroom flat in Kilgetty, Samantha initiated the lease extension process as the eighty year mark was quickly advancing. The legal work was concluded in October 2006. The freeholder’s costs were kept to an absolute minimum.
Dr U Sánchez took over the lease of a first floor flat in Kilgetty in January 2004. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparable premises in Kilgetty with a long lease were valued around £264,000. The mid-range amount of ground rent was £60 collected annually. The lease expiry date was on 16 May 2078. Having 53 years unexpired we estimated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 plus costs.
In 2014 we were contacted by Dr Liam Morgan who, having purchased a basement apartment in Kilgetty in February 1997. We are asked if we could approximate the price could be for a 90 year lease extension. Similar flats in Kilgetty with 100 year plus lease were valued about £225,400. The mid-range ground rent payable was £45 billed every twelve months. The lease elapsed on 9 May 2089. Taking into account 64 years remaining we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 not including professional charges.