Why you should start your Llandaff lease extension

Main reasons to commence your Llandaff lease extension today:

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

Llandaff 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 the lease gets more expensive. The majority of owners of residential leasehold property in Llandaff enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Llandaff you should check 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 steps to make sure that a lease extension is effected without delay

Llandaff property with a lease extension has roughly the same value as a freehold

Leasehold premises in Llandaff with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to issue a mortgage on a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Llandaff if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least seventy years.

Get in touch with one of our Llandaff lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Llandaff leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Llandaff Lease Extension Example Cases:

Luca, Llandaff, Cardiff,

Luca was the the leasehold owner of a conversion apartment in Llandaff on the market with a lease of a few days over 72 years left. Luca informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luca to invoke his statutory right. Luca procured expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Llandaff case:

Mr and Mrs. U Garcia purchased a newly refurbished flat in Llandaff in March 1996. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative residencies in Llandaff with an extended lease were valued around £183,600. The average ground rent payable was £65 collected every twelve months. The lease terminated in 2083. Having 57 years unexpired we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of expenses.

Llandaff case:

Mr G Lefèvre took over the lease of a studio flat in Llandaff in August 2011. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative flats in Llandaff with a long lease were worth £250,000. The average amount of ground rent was £50 invoiced annually. The lease expired on 28 July 2094. Given that there were 68 years remaining we calculated the compensation to the freeholder to extend the lease to be between £10,500 and £12,000 not including legals.