Lampeter leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the existing lease drops under 80 years - otherwise a higher amount will be payable. Leasehold owners in Lampeter will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and formalities to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Lampeter with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 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 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a freeholder in Lampeter,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lampeter valuers.
Following unsuccessful negotiations with the freeholder of her leasehold apartment in Lampeter, Erin commenced the lease extension process as the 80 year mark was rapidly nearing. The lease extension was finalised in September 2007. The freeholder’s fees were negotiated to a tad over 650 pounds.
Last year we were e-mailed by Mr Mason Cook , who owned a one bedroom apartment in Lampeter in June 2000. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative properties in Lampeter with a long lease were in the region of £295,000. The average amount of ground rent was £50 invoiced quarterly. The lease ran out in 2100. Given that there were 75 years remaining we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.
Mrs Emma Martin purchased a one bedroom apartment in Lampeter in April 2002. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable properties in Lampeter with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 invoiced monthly. The lease finished on 27 August 2089. Taking into account 64 years remaining we estimated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including expenses.