The only way is down when it comes to Llanrhystud lease terms. Llanrhystud properties that have a residual term fewer than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold residencies in Llanrhystud with in excess of one hundred years left 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 upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Llanrhystud can be a difficult process. We recommend you procure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 dealing with Llanrhystud lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Reuben owned a high value flat in Llanrhystud being marketed with a lease of fraction over sixty years remaining. Reuben informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be due on a lease extension were Reuben to exercise his statutory right. Reuben procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the flat.
In 2010 we were approached by Mr and Mrs. A Howard who, having moved into a one bedroom flat in Llanrhystud in November 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparative properties in Llanrhystud with an extended lease were worth £265,200. The mid-range ground rent payable was £65 collected per annum. The lease elapsed in 2091. Given that there were 66 years remaining we estimated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including legals.
Mr and Mrs. F White bought a garden flat in Llanrhystud in April 2007. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Llanrhystud with a long lease were worth £198,800. The mid-range amount of ground rent was £55 invoiced monthly. The lease elapsed in 2080. Having 55 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 exclusive of professional charges.