There is no doubt about it a leasehold property in Llandaff is a wasting asset as a result of the shortening lease. Where the lease has, more than 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner as opposed to later. Most flat owners in Llandaff will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Llandaff with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Retaining our service gives you enhanced control over the value of your Llandaff leasehold, as your property will be more valuable and saleable in terms of 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.
Trailing unsuccessful correspondence with the freeholder of her purpose-built apartment in Llandaff, Nicole initiated the lease extension process just as the lease was coming close to the all-important 80-year deadline. The lease extension completed in January 2012. The freeholder’s costs were kept to an absolute minimum.
Last Christmas we were contacted by Ms Zoe Lambert , who bought a basement flat in Llandaff in September 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Identical flats in Llandaff with a long lease were valued around £208,200. The average amount of ground rent was £65 collected quarterly. The lease terminated on 12 April 2087. Considering the 61 years unexpired we approximated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 plus expenses.
Last Spring we were approach by Ms Alice Thomas , who took over the lease of a garden apartment in Llandaff in November 1998. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable flats in Llandaff with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 collected quarterly. The lease end date was in 2098. Given that there were 72 years outstanding we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.