Llanarth and Oakford leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the current lease drops under eighty years - otherwise a higher amount will be due. Flat owners in Llanarth and Oakford will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
Leasehold properties in Llanarth and Oakford with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Llanarth and Oakford can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Llanarth and Oakford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy discussions with the landlord of her one bedroom flat in Llanarth and Oakford, Amber started the lease extension process as the 80 year mark was fast approaching. The transaction was concluded in July 2009. The landlord’s fees were restricted to a tad over 600 GBP.
In 2014 we were e-mailed by Ms B Young who, having completed a first floor apartment in Llanarth and Oakford in September 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative flats in Llanarth and Oakford with an extended lease were worth £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease ended in 2103. Given that there were 78 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.
Mr and Mrs. V Murphy moved into a one bedroom flat in Llanarth and Oakford in October 1999. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Similar flats in Llanarth and Oakford with an extended lease were in the region of £191,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease finished in 2083. Taking into account 58 years left we calculated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of costs.