On the balance of probabilities if you own a flat in Llandeilo you actually own a long leasehold interest over your property
Leasehold residencies in Llandeilo with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Llandeilo,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Llandeilo valuers.
After unsuccessful correspondence with the landlord of her purpose-built flat in Llandeilo, Chelsea started the lease extension process as the eighty year deadline was fast nearing. The legal work completed in June 2014. The landlord’s costs were kept to an absolute minimum.
Ms Jordan Garcia purchased a garden flat in Llandeilo in January 2007. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Llandeilo with 100 year plus lease were valued around £233,200. The mid-range ground rent payable was £60 collected yearly. The lease terminated in 2086. Given that there were 61 years outstanding we estimated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 exclusive of professional charges.
Last month we were contacted by Mr and Mrs. M Turner , who owned a studio flat in Llandeilo in July 2010. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical premises in Llandeilo with 100 year plus lease were worth £166,800. The average amount of ground rent was £50 collected quarterly. The lease came to a finish on 26 March 2075. Having 50 years outstanding we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 not including expenses.