There is no doubt about it a leasehold flat or house in Llanwrtyd Wells is a wasting asset as a result of the shortening lease. If the residual term has, more than 125 years to run then this decrease may be fractional however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Llanwrtyd Wells will meet the qualifying criteria; however a conveyancing solicitor can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety 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 |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Llanwrtyd Wells,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Llanwrtyd Wells valuers.
In 2014 Jack, started to get near to the 80-year mark with the lease on his first floor flat in Llanwrtyd Wells. In buying his home twenty years ago, the lease term was of no importance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Jack extended the lease just under the wire last September. Jack and the landlord in the end settled on an amount of £6,000 . If he not met the deadline, the price would have increased by a minimum £1,050.
Last month we were contacted by Mr and Mrs. V González , who took over the lease of a one bedroom flat in Llanwrtyd Wells in October 1995. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Llanwrtyd Wells with a long lease were valued about £168,800. The mid-range ground rent payable was £60 billed annually. The lease concluded on 5 August 2080. Given that there were 55 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus costs.
Mr and Mrs. Y Rogers took over the lease of a one bedroom flat in Llanwrtyd Wells in August 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Llanwrtyd Wells with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 collected annually. The lease concluded in 2091. Considering the 66 years left we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.