Llanfyrnach leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease dips lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Llanfyrnach will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and steps to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
Leasehold properties in Llanfyrnach with in excess of one hundred years outstanding on the lease are often regarded as a ‘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 reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Llanfyrnach can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.
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 procuring Llanfyrnach lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful negotiations with the freeholder of her two bedroom apartment in Llanfyrnach, Alicia started the lease extension process as the 80 year mark was quickly approaching. The lease extension was concluded in October 2014. The landlord’s charges were negotiated to less than 550 pounds.
In 2011 we were approached by Mr Nathan Díaz who, having acquired a garden apartment in Llanfyrnach in November 2001. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Similar properties in Llanfyrnach with 100 year plus lease were valued around £242,600. The average ground rent payable was £45 collected annually. The lease ended on 7 August 2092. Taking into account 67 years outstanding we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus professional charges.
Last Spring we were contacted by Mr and Mrs. G Anderson , who owned a basement flat in Llanfyrnach in September 2009. The question was if we could approximate the premium would likely be for a ninety year lease extension. Comparable premises in Llanfyrnach with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 invoiced per annum. The lease ran out on 9 May 2103. Taking into account 78 years unexpired we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus professional charges.