Why you should commence your Llandaff lease extension

Why you should commence your Llandaff lease extension today:

A Llandaff lease depreciates with the years remaining on the lease.

Llandaff 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 gets more expensive. Legislation has been in place for sometime now allowing qualifying Llandaff residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Llandaff you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Llandaff flat owner with a lease having around 80 years left should take action to make sure that a lease extension is actioned without delay

Llandaff property with a lease extension is almost the same value as a freehold

Leasehold premises in Llandaff with in excess of 100 years left 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders will not issue a mortgage on a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is probable that someone intending to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Llandaff?

Using our service will provide you increased control over the value of your Llandaff leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Llandaff Lease Extension Case Summaries:

Rhiannon, Llandaff, Cardiff,

Trailing unsuccessful discussions with the landlord of her ground floor apartment in Llandaff, Rhiannon started the lease extension process as the 80 year threshold was fast nearing. The lease extension was finalised in August 2005. The landlord’s costs were kept to an absolute minimum.

Llandaff case:

Last Winter we were phoned by Mr H Girard , who purchased a ground floor flat in Llandaff in April 2007. The question was if we could approximate the premium could be for a ninety year extension to my lease. Similar flats in Llandaff with 100 year plus lease were worth £250,000. The average ground rent payable was £50 collected monthly. The lease termination date was on 1 May 2094. Considering the 69 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.

Llandaff case:

Mr Jasper González was assigned a lease of a first floor flat in Llandaff in March 2005. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Comparable homes in Llandaff with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed monthly. The lease expiry date was on 9 February 2105. Considering the 80 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.