On the balance of probabilities where you own a flat in Llanybydder you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Llanybydder can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 a wealth of experience procuring Llanybydder lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted discussions with the freeholder of her garden flat in Llanybydder, Lydia started the lease extension process as the eighty year mark was rapidly advancing. The legal work completed in March 2013. The landlord’s charges were kept to an absolute minimum.
Last Christmas we were approach by Mr Tommy Mason , who owned a first floor apartment in Llanybydder in January 1998. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar properties in Llanybydder with 100 year plus lease were in the region of £246,800. The mid-range amount of ground rent was £60 billed annually. The lease ended on 23 June 2075. Having 50 years remaining we approximated the premium to the freeholder for the lease extension to be within £44,700 and £51,600 plus expenses.
Last year we were called by Mr D Davies , who was assigned a lease of a ground floor apartment in Llanybydder in May 2012. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Identical properties in Llanybydder with an extended lease were valued about £203,200. The average ground rent payable was £65 invoiced quarterly. The lease terminated in 2086. Taking into account 61 years as a residual term we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus legals.