Llanarmon Yn Ial leases on domestic deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Llanarmon Yn Ial will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Llanarmon Yn Ial with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Llanarmon Yn Ial,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Llanarmon Yn Ial valuers.
In 2014 Felix, came seriously near to the eighty-year threshold with the lease on his one bedroom flat in Llanarmon Yn Ial. In buying his property 19 years ago, the length of the lease was of no relevance. Thankfully, he realised he would imminently be paying way over the odds for a lease extension. Felix extended the lease just in the nick of time in January. Felix and the landlord who owned the flat above ultimately settled on sum of £5,000 . If he failed to meet the deadline, the figure would have escalated by a minimum £950.
Last month we were contacted by Ms Grace Patel , who bought a one bedroom apartment in Llanarmon Yn Ial in August 2001. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative homes in Llanarmon Yn Ial with 100 year plus lease were in the region of £193,400. The average amount of ground rent was £65 invoiced every twelve months. The lease lapsed on 14 August 2084. Given that there were 59 years unexpired we calculated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.
Mrs C Anderson completed a garden flat in Llanarmon Yn Ial in June 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Llanarmon Yn Ial with an extended lease were valued about £255,000. The mid-range ground rent payable was £50 billed every twelve months. The lease terminated in 2095. Taking into account 70 years remaining we calculated the compensation to the freeholder for the lease extension to be within £10,500 and £12,000 plus costs.