Llandough leases on residential deteriorating in value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Llandough will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
Lease extensions in Llandough can be a difficult process. We recommend you secure professional help 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 a wealth of experience procuring Llandough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the landlord of her ground floor flat in Llandough, Ellen initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The lease extension was concluded in November 2008. The landlord’s costs were kept to an absolute minimum.
In 2011 we were phoned by Ms T Patel who, having was assigned a lease of a garden apartment in Llandough in October 1996. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Comparative premises in Llandough with 100 year plus lease were worth £285,000. The average ground rent payable was £55 invoiced quarterly. The lease terminated in 2106. Considering the 80 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including fees.
Last Spring we were e-mailed by Mr I Davies , who owned a first floor flat in Llandough in January 2008. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable homes in Llandough with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed in 2086. Taking into account 60 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of costs.