The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Sychdyn can extend the lease for a further 90 years under Leasehold Reform legislation. Do think carefully before delaying your Sychdyn lease extension. Postponing that expense now simply increases the premium you will eventually have to pay for a lease extension.
Leasehold residencies in Sychdyn with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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. |
Lease extensions in Sychdyn can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 dealing with Sychdyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the freeholder of her basement flat in Sychdyn, Laura started the lease extension process as the 80 year mark was fast approaching. The transaction was concluded in July 2006. The freeholder’s fees were kept to an absolute minimum.
Last Winter we were approach by Mr and Mrs. J Thompson , who owned a recently refurbished flat in Sychdyn in June 2003. We are asked if we could approximate the premium could be to extend the lease by ninety years. Similar premises in Sychdyn with 100 year plus lease were in the region of £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ran out on 4 January 2095. Considering the 69 years left we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.
Dr Stephanie André owned a first floor flat in Sychdyn in July 1997. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable homes in Sychdyn with an extended lease were worth £285,000. The average amount of ground rent was £55 collected annually. The lease ran out on 26 July 2106. Having 80 years outstanding we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.