Llanwrda leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Llanwrda tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Llanwrda you must check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Halifax | |
| TSB |
Using our service gives you enhanced control over the value of your Llanwrda leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted discussions with the freeholder of her studio apartment in Llanwrda, Lucy initiated the lease extension process as the 80 year deadline was swiftly advancing. The lease extension was concluded in July 2007. The landlord’s fees were negotiated to a tad over 650 pounds.
Dr I Flores moved into a ground floor apartment in Llanwrda in March 2008. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparative properties in Llanwrda with a long lease were valued around £203,200. The average ground rent payable was £65 invoiced yearly. The lease termination date was in 2087. Having 61 years left we estimated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of fees.
In 2011 we were approached by Mr S Davis who, having bought a one bedroom flat in Llanwrda in June 1998. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical properties in Llanwrda with an extended lease were in the region of £260,000. The average amount of ground rent was £50 collected quarterly. The lease concluded on 11 April 2097. Having 71 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.