Top reasons for Rhiwbina lease extension

Main reasons to commence your Rhiwbina lease extension today:

Increase your lease and increase your Rhiwbina property value

Chances are that where you own a flat in Rhiwbina you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to lend with a short lease

Lending institutions have set criteria when loaning funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term goes below a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Rhiwbina property.

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

Lease extensions in Rhiwbina can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 a wealth of experience dealing with Rhiwbina lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rhiwbina Lease Extension Example Cases:

Leon, Rhiwbina, Cardiff

14 months ago Leon, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Rhiwbina. Having bought his flat two decades ago, the unexpired term was of minimal bearing. Luckily, he recognised he needed to take action soon on Extending the lease. Leon was able to extend his lease just under the wire last June. Leon and the landlord eventually settled on the final figure of £6,000 . If he had missed the deadline, the price would have escalated by a minimum £1,025.

Rhiwbina case:

Last month we were phoned by Ms Georgina Fournier , who moved into a garden flat in Rhiwbina in October 2012. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Rhiwbina with an extended lease were valued around £290,000. The mid-range ground rent payable was £45 invoiced per annum. The lease came to a finish on 25 February 2098. Given that there were 72 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of legals.

Rhiwbina case:

Dr Owen Robinson moved into a one bedroom apartment in Rhiwbina in July 2006. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar flats in Rhiwbina with a long lease were in the region of £233,200. The mid-range ground rent payable was £60 collected per annum. The lease concluded in 2087. Considering the 61 years unexpired we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of legals.