Llanarmon Yn Ial leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher amount will be due. Leasehold owners in Llanarmon Yn Ial will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain cases you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Llanarmon Yn Ial with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth 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 service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Engaging our service will provide you better control over the value of your Llanarmon Yn Ial leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy correspondence with the landlord of her basement apartment in Llanarmon Yn Ial, Lauren commenced the lease extension process just as the lease was approaching the all-important eighty-year mark. The transaction was concluded in August 2012. The landlord’s fees were negotiated to below 600 GBP.
Dr Olivia Walker owned a purpose-built apartment in Llanarmon Yn Ial in September 2003. The question was if we could approximate the price would likely be for a ninety year lease extension. Identical homes in Llanarmon Yn Ial with a long lease were worth £255,000. The average ground rent payable was £50 collected per annum. The lease end date was in 2096. Given that there were 71 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.
Mr S Ricardo acquired a studio apartment in Llanarmon Yn Ial in June 2010. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Similar homes in Llanarmon Yn Ial with a long lease were worth £254,200. The average ground rent payable was £60 collected per annum. The lease ended on 25 November 2076. Given that there were 51 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 not including costs.