The only way is down when it comes to Llandyrnog lease terms. Llandyrnog flats that have a residual term shorter than eighty years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| 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. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you better control over the value of your Llandyrnog leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Matthew owned a conversion apartment in Llandyrnog being sold with a lease of fraction over 72 years outstanding. Matthew on an informal basis contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Matthew to invoke his statutory right. Matthew obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last year we were called by Mr and Mrs. U Martinez , who was assigned a lease of a one bedroom apartment in Llandyrnog in March 2001. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Similar homes in Llandyrnog with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed monthly. The lease lapsed in 2087. Considering the 61 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 plus fees.
In 2010 we were phoned by Dr Georgia Morris who, having bought a garden flat in Llandyrnog in February 1996. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical flats in Llandyrnog with an extended lease were worth £171,800. The average ground rent payable was £55 billed per annum. The lease lapsed in 2076. Considering the 50 years left we calculated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 not including professional charges.