As the the remaining lease term of a Llanbedrgoch domestic lease diminished so does its value and therefore the value of your property. If the lease has, over 100 years to run then this decrease may be negligible however there will become a stage when a lease has fewer than eighty 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 primary reason why you should extend the lease sooner rather than later. Most flat owners in Llanbedrgoch will meet the qualifying criteria; however a conveyancer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Llanbedrgoch can be a difficult process. We recommend you get professional help from a conveyancer 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 in-depth market knowledge dealing with Llanbedrgoch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted discussions with the freeholder of her purpose-built flat in Llanbedrgoch, Maisie started the lease extension process just as the lease was coming close to the critical eighty-year mark. The legal work was concluded in January 2015. The landlord’s costs were kept to an absolute minimum.
Dr C Moreau moved into a basement apartment in Llanbedrgoch in May 2010. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative homes in Llanbedrgoch with 100 year plus lease were valued around £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease elapsed in 2093. Considering the 67 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 not including fees.
In 2014 we were phoned by Dr Callum Petit who, having was assigned a lease of a recently refurbished flat in Llanbedrgoch in March 2002. We are asked if we could approximate the price would be to extend the lease by ninety years. Comparable premises in Llanbedrgoch with 100 year plus lease were valued around £206,200. The mid-range ground rent payable was £55 invoiced quarterly. The lease came to a finish in 2082. Taking into account 56 years outstanding we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of fees.