The only way is down when it comes to Tremeirchion lease terms. Tremeirchion leaseholds that have a remaining term fewer than 80 years will de-escalate in value at a rapid rate, and the cost to extend your lease will go up.
It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Tremeirchion,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tremeirchion valuers.
After lengthy negotiations with the freeholder of her ground floor flat in Tremeirchion, Isabella commenced the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension completed in October 2009. The freeholder’s costs were negotiated to about 450 GBP.
In 2013 we were contacted by Mr and Mrs. O Vincent who, having took over the lease of a basement apartment in Tremeirchion in May 2004. The question was if we could approximate the price would be for a 90 year lease extension. Comparable residencies in Tremeirchion with an extended lease were in the region of £193,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease concluded in 2085. Considering the 59 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of costs.
Ms G Kelly acquired a ground floor flat in Tremeirchion in August 2000. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical flats in Tremeirchion with an extended lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease finished on 7 April 2096. Given that there were 70 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.