The re-sale value of a leasehold property in Llanon depends on how long the lease has remaining. If it is close to or less than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is preferable to start the lease extension process when the lease still has 82 years to run so that all matters can be concluded prior to the 80 year cut off point. Current legislation entitles Llanon qualifying lessees to an additional term of ninety years on top of the remaining term, at a notional rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold residencies in Llanon with in excess of one hundred years outstanding on the lease are often 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 maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| TSB |
Retaining our service will provide you enhanced control over the value of your Llanon leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Dylan was the the leasehold proprietor of a high value flat in Llanon on the market with a lease of just over 72 years unexpired. Dylan on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.
Last month we were contacted by Dr I Moreau , who purchased a basement apartment in Llanon in September 2001. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Similar premises in Llanon with a long lease were worth £218,000. The average amount of ground rent was £45 collected per annum. The lease came to a finish on 6 September 2089. Having 63 years left we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 plus expenses.
Dr B Roberts took over the lease of a garden apartment in Llanon in August 2006. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative homes in Llanon with a long lease were in the region of £265,000. The average ground rent payable was £50 invoiced yearly. The lease ended on 27 February 2100. Having 74 years unexpired we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.