Rhosesmor leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Rhosesmor enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Rhosesmor you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you better control over the value of your Rhosesmor 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 have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of unsuccessful correspondence with the landlord of her purpose-built flat in Rhosesmor, Lauren started the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction was finalised in August 2011. The freeholder’s fees were restricted to a tad over 450 pounds.
Dr Blake Leroy completed a one bedroom apartment in Rhosesmor in August 2000. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparative homes in Rhosesmor with an extended lease were worth £252,800. The mid-range ground rent payable was £65 invoiced every twelve months. The lease elapsed on 7 February 2091. Given that there were 65 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 plus costs.
Last Summer we were phoned by Dr C Kelly , who was assigned a lease of a studio apartment in Rhosesmor in September 1997. The question was if we could estimate the premium could be to prolong the lease by an additional years. Comparative premises in Rhosesmor with 100 year plus lease were worth £191,400. The mid-range ground rent payable was £55 billed monthly. The lease ended on 23 April 2080. Taking into account 54 years unexpired we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 plus professional charges.