Why you should commence your Llandudno lease extension
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Main reasons to start your Llandudno lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/llandudno">Llandudno</a> lease depreciates with the years remaining on the lease.
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Llandudno leases on residential properties are gradually diminishing in 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 Llandudno enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Llandudno you would be well advised to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Llandudno flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay <h4>Llandudno property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
<h4>Lending institutions may decide not to issue a mortgage with a short lease</h4> Banks and building societies are really clamping down as regards to homes in Llandudno with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.
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<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Barclays plc</td>
<td> Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).<br /><br />Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.<br /><br />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:<br /><br />• 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<br />• The value of the property subject to the short remaining term is £500,000 or more AND<br />• 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;
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<h4> Get in touch with one of our Llandudno lease extension solicitors or enfranchisement solicitors
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Lease extensions in Llandudno can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
<p>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 in-depth market knowledge dealing with Llandudno lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Llandudno Lease Extension Case Studies:
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<h5> Victoria, Llandudno, Conwy,</h5>
<p> In the wake of 9 months of lengthy negotiations with the landlord of her leasehold apartment in Llandudno, Victoria commenced the lease extension process just as her lease was coming close to the crucial 80-year mark. The transaction completed in July 2011. The landlord’s costs were restricted to a tad over 500 GBP.
<h5>Llandudno case:</h5>
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In 2013 we were called by Mr M Gómez who, having took over the lease of a garden flat in Llandudno in August 2011. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Llandudno with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 collected monthly. The lease concluded on 11 April 2077. Taking into account 51 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of costs.
<h5>Llandudno case:</h5>
<p> Dr L Clarke was assigned a lease of a one bedroom flat in Llandudno in June 1997. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative homes in Llandudno with a long lease were in the region of £285,000. The mid-range amount of ground rent was £45 collected monthly. The lease elapsed in 2097. Taking into account 71 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.
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