The only way is down when it comes to Llanymynech lease terms. Llanymynech properties that have a remaining term less than than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will go up.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Engaging our service will provide you better control over the value of your Llanymynech leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Owen was the the leasehold owner of a 2 bedroom flat in Llanymynech on the market with a lease of just over fifty eight years unexpired. Owen on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Owen to invoke his statutory right. Owen obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
In 2010 we were contacted by Mr Toby Moore who, having acquired a recently refurbished apartment in Llanymynech in October 2002. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative homes in Llanymynech with a long lease were valued about £254,200. The mid-range ground rent payable was £60 invoiced per annum. The lease terminated in 2076. Having 51 years left we approximated the premium to the landlord for the lease extension to be between £43,700 and £50,600 not including professional charges.
Last month we were phoned by Mr and Mrs. M García , who took over the lease of a ground floor apartment in Llanymynech in April 2004. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparative homes in Llanymynech with a long lease were valued around £210,600. The mid-range ground rent payable was £45 billed annually. The lease concluded on 27 January 2087. Having 62 years remaining we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including expenses.