Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Llanarmon Yn Ial. Inevitably, the period of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Llanarmon Yn Ial have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give careful attention before putting off your Llanarmon Yn Ial lease extension. Holding off the cost now likely increases the price you will eventually have to pay for a lease extension
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society | |
| The Mortgage Works |
Engaging our service will provide you increased control over the value of your Llanarmon Yn Ial leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Toby was the the leasehold owner of a high value apartment in Llanarmon Yn Ial on the market with a lease of fraction over fifty eight years outstanding. Toby on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.
Mr and Mrs. G Jackson owned a first floor flat in Llanarmon Yn Ial in February 2003. The question was if we could estimate the price could be to extend the lease by an additional years. Identical residencies in Llanarmon Yn Ial with 100 year plus lease were in the region of £225,400. The mid-range amount of ground rent was £45 billed every twelve months. The lease finished in 2090. Given that there were 64 years unexpired we approximated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of expenses.
In 2010 we were e-mailed by Mr and Mrs. V Cook who, having owned a garden flat in Llanarmon Yn Ial in September 2003. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Similar flats in Llanarmon Yn Ial with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease came to a finish in 2101. Having 75 years outstanding we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.