The only way is down when it comes to Llanrwst lease terms. Llanrwst leaseholds that have a remaining term fewer than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will rise.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancers that we work with undertake Llanrwst lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Blake was the the leasehold proprietor of a high value apartment in Llanrwst on the market with a lease of just over 61 years unexpired. Blake informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Blake to invoke his statutory right. Blake procured expert advice and secured satisfactory deal informally and sell the property.
Last month we were approach by Ms U Dupont , who acquired a studio flat in Llanrwst in June 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Llanrwst with an extended lease were in the region of £290,000. The mid-range ground rent payable was £60 collected yearly. The lease expired in 2105. Considering the 80 years outstanding we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.
Last May we were e-mailed by Mrs D Morris , who completed a ground floor apartment in Llanrwst in March 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar flats in Llanrwst with an extended lease were worth £200,800. The average amount of ground rent was £65 collected every twelve months. The lease terminated on 24 April 2085. Having 60 years outstanding we calculated the premium to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of legals.