Llanmartin leases on domestic deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Llanmartin will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service will provide you increased control over the value of your Llanmartin leasehold, as your property will be more valuable and marketable in respect of lease length should you decide 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.
After protracted correspondence with the landlord of her leasehold flat in Llanmartin, Danielle commenced the lease extension process just as the lease was nearing the critical 80-year mark. The lease extension completed in March 2009. The freeholder’s costs were kept to an absolute minimum.
Last August we were phoned by Ms M Brooks , who acquired a newly refurbished flat in Llanmartin in January 1998. The question was if we could approximate the premium could be for a ninety year lease extension. Identical premises in Llanmartin with an extended lease were in the region of £285,000. The average amount of ground rent was £45 collected yearly. The lease expired on 11 July 2097. Given that there were 72 years unexpired we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.
Last November we were contacted by Dr B Walker , who was assigned a lease of a purpose-built flat in Llanmartin in June 2009. We are asked if we could estimate the price could be for a 90 year lease extension. Identical flats in Llanmartin with an extended lease were in the region of £233,200. The average amount of ground rent was £60 invoiced quarterly. The lease elapsed in 2086. Considering the 61 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 not including professional charges.