The only way is down when it comes to Llandegla lease terms. Llandegla leaseholds that have a lease term lower than 80 years will drop in value at a rapid rate, and the cost of extending your lease will increase.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in Llandegla can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 procuring Llandegla lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Caleb owned a 2 bedroom apartment in Llandegla on the market with a lease of a few days over 59 years unexpired. Caleb informally approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Caleb to exercise his statutory right. Caleb procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
Mrs Hollie Anderson purchased a one bedroom apartment in Llandegla in April 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Llandegla with an extended lease were in the region of £218,000. The average amount of ground rent was £45 collected annually. The lease ended on 11 October 2088. Taking into account 63 years remaining we estimated the premium to the landlord for the lease extension to be within £17,100 and £19,800 not including expenses.
Last Winter we were e-mailed by Mrs Ashleigh Carter , who bought a purpose-built apartment in Llandegla in June 2008. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparative homes in Llandegla with 100 year plus lease were valued about £270,000. The average ground rent payable was £55 invoiced yearly. The lease terminated on 11 October 2099. Having 74 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.