The only way is down when it comes to Llanidloes lease terms. Llanidloes properties that have a residual term less than than 80 years will de-escalate in value even faster, and the cost to extend your lease will go up.
Leasehold premises in Llanidloes with in excess of one hundred years left on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and estate 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Regardless of whether you are a tenant or a freeholder in Llanidloes,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Llanidloes valuers.
Trailing lengthy negotiations with the landlord of her garden apartment in Llanidloes, Lucy commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The lease extension was finalised in February 2006. The landlord’s charges were negotiated to about 550 GBP.
In 2012 we were contacted by Ms Mollie Bonnet who, having moved into a newly refurbished apartment in Llanidloes in July 2004. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical flats in Llanidloes with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out on 19 August 2105. Given that there were 80 years remaining we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.
Last Winter we were called by Dr Abbie Walker , who bought a purpose-built flat in Llanidloes in January 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Identical residencies in Llanidloes with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £45 invoiced yearly. The lease ran out in 2094. Taking into account 69 years unexpired we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.