The only way is down when it comes to Llanarmon Yn Ial lease terms. Llanarmon Yn Ial leaseholds that have a residual term lower than eighty years will reduce in value even faster, and the cost to extend your lease will rise.
Leasehold premises in Llanarmon Yn Ial with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing 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. |
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Llanarmon Yn Ial,the lease extension lawyers 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 Freddie, came seriously close to the 80-year threshold with the lease on his leasehold flat in Llanarmon Yn Ial. In buying his home 18 years ago, the length of the lease was of minimal bearing. Luckily, he became aware that he needed to take steps soon on a lease extension. Freddie extended the lease just in the nick of time in August. Freddie and the landlord who owned the flat above eventually settled on a premium of £5,500 . If the lease had gone to less than eighty years, the price would have increased by at least £975.
In 2012 we were approached by Dr Sian Hall who, having took over the lease of a garden apartment in Llanarmon Yn Ial in June 2008. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical flats in Llanarmon Yn Ial with 100 year plus lease were worth £265,000. The average ground rent payable was £55 collected quarterly. The lease termination date was in 2099. Given that there were 74 years remaining we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.
Mr and Mrs. K Edwards completed a purpose-built apartment in Llanarmon Yn Ial in April 2009. We are asked if we could approximate the premium would be for a 90 year lease extension. Similar flats in Llanarmon Yn Ial with an extended lease were valued about £166,400. The mid-range ground rent payable was £60 billed monthly. The lease end date was in 2079. Having 54 years left we estimated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of legals.