Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Llandyrnog. Inevitably, the period of lease left reduces over time. This is often overlooked and only becomes a problem when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Llandyrnog have the legal entitlement to extend the lease for an additional 90 years under legislation. Do give careful deliberation before putting off your Llandyrnog lease extension. Putting off that expense now simply increases the price you will eventually incur for a lease extension
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Engaging our service gives you better control over the value of your Llandyrnog leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted correspondence with the landlord of her two bedroom apartment in Llandyrnog, Alexandra initiated the lease extension process just as her lease was approaching the critical eighty-year threshold. The legal work was finalised in July 2005. The freeholder’s costs were negotiated to a tad over 450 GBP.
Mrs Megan Robinson acquired a one bedroom flat in Llandyrnog in February 2007. We are asked if we could approximate the price could be for a 90 year lease extension. Comparable premises in Llandyrnog with a long lease were valued about £290,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease termination date was in 2099. Considering the 73 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.
Dr Zoe Lambert bought a one bedroom flat in Llandyrnog in May 2012. The question was if we could approximate the premium would be to extend the lease by 90 years. Similar residencies in Llandyrnog with 100 year plus lease were valued around £240,600. The average amount of ground rent was £60 invoiced quarterly. The lease terminated on 12 January 2088. Considering the 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of costs.