As the length of the unexpired term of a Llanarmon Yn Ial domestic lease diminished so does its value and therefore the value of your property. If the lease has, beyond 99 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Many flat owners in Llanarmon Yn Ial will qualify for this right; however a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Llanarmon Yn Ial with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Leeds Building Society | |
| TSB | |
| Virgin |
Irrespective 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.
Finley was the the leasehold proprietor of a high value apartment in Llanarmon Yn Ial being marketed with a lease of fraction over 61 years remaining. Finley on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Finley to invoke his statutory right. Finley obtained expert advice and secured an acceptable resolution informally and readily saleable.
In 2013 we were phoned by Mr A Laurent who, having took over the lease of a one bedroom flat in Llanarmon Yn Ial in July 2003. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparative flats in Llanarmon Yn Ial with 100 year plus lease were valued around £275,000. The mid-range ground rent payable was £55 invoiced per annum. The lease concluded on 3 September 2102. Taking into account 76 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.
Last Winter we were called by Mr and Mrs. M Phillips , who owned a ground floor apartment in Llanarmon Yn Ial in April 2001. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Llanarmon Yn Ial with an extended lease were worth £176,200. The average amount of ground rent was £65 invoiced annually. The lease terminated on 26 May 2082. Given that there were 56 years outstanding we approximated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 exclusive of expenses.