As the length of the unexpired term of a Llanarmon Yn Ial residential lease decreases so does its value and therefore the value of your property. Where the lease has, in excess of 125 years to run then this decrease may be fractional however there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner as opposed to later. Many flat owners in Llanarmon Yn Ial will meet the qualifying criteria; that being said a conveyancing solicitor can confirm 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 less than two years.
Leasehold residencies in Llanarmon Yn Ial with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Retaining our service gives you enhanced control over the value of your Llanarmon Yn Ial leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of unsuccessful negotiations with the landlord of her two bedroom flat in Llanarmon Yn Ial, Victoria initiated the lease extension process just as the lease was coming close to the all-important 80-year deadline. The transaction completed in October 2013. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. T Girard bought a recently refurbished apartment in Llanarmon Yn Ial in June 2006. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical premises in Llanarmon Yn Ial with a long lease were valued around £246,800. The mid-range ground rent payable was £60 invoiced yearly. The lease elapsed in 2076. Considering the 50 years outstanding we estimated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 plus expenses.
In 2014 we were called by Ms Lydia Patel who, having took over the lease of a purpose-built apartment in Llanarmon Yn Ial in February 1995. The question was if we could estimate the price could be for a 90 year lease extension. Similar properties in Llanarmon Yn Ial with a long lease were worth £208,200. The average ground rent payable was £65 billed monthly. The lease came to a finish on 8 August 2087. Having 61 years unexpired we approximated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 not including professional charges.