Llanallgo leases on residential deteriorating in value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Llanallgo will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises 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. |
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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. |
Regardless of whether you are a tenant or a freeholder in Llanallgo,the lease extension experts 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 Llanallgo valuers.
After protracted correspondence with the landlord of her two bedroom apartment in Llanallgo, Robyn initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work was concluded in September 2011. The landlord’s charges were kept to an absolute minimum.
In 2009 we were contacted by Dr Reuben Edwards who, having took over the lease of a newly refurbished apartment in Llanallgo in May 2004. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Similar residencies in Llanallgo with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed per annum. The lease came to a finish on 17 September 2101. Given that there were 76 years outstanding we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.
Mr and Mrs. E Cox was assigned a lease of a basement flat in Llanallgo in February 2005. The question was if we could estimate the price would be to extend the lease by an additional years. Comparative residencies in Llanallgo with a long lease were valued about £176,200. The average ground rent payable was £65 collected monthly. The lease ran out in 2081. Considering the 56 years remaining we approximated the premium to the landlord to extend the lease to be between £29,500 and £34,000 exclusive of professional charges.