The only way is down when it comes to Llandeilo lease terms. Llandeilo flats that have a lease term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold premises in Llandeilo with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Llandeilo can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.
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 Llandeilo lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful correspondence with the freeholder of her first floor apartment in Llandeilo, Rachael commenced the lease extension process just as the lease was coming close to the critical eighty-year deadline. The lease extension was finalised in November 2005. The landlord’s charges were negotiated to about 450 pounds.
Last month we were contacted by Mr and Mrs. N Thompson , who was assigned a lease of a first floor apartment in Llandeilo in July 2000. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparative premises in Llandeilo with a long lease were in the region of £290,000. The average amount of ground rent was £45 billed yearly. The lease terminated in 2098. Considering the 73 years remaining we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.
Mr and Mrs. R Khan bought a basement apartment in Llandeilo in November 2008. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar properties in Llandeilo with a long lease were valued around £235,600. The mid-range ground rent payable was £60 invoiced every twelve months. The lease terminated on 16 November 2087. Considering the 62 years outstanding we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including expenses.