Main reasons to start your Rhiwbina lease extension

Why you should commence your Rhiwbina lease extension today:

Increase your lease and increase your Rhiwbina property value

The only way is down when it comes to Rhiwbina lease terms. Rhiwbina flats that have a residual term lower than eighty years will drop in value even faster, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left at the end of the mortgage. As a number of flats in Rhiwbina were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Rhiwbina?

Regardless of whether you are a tenant or a landlord in Rhiwbina,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Rhiwbina valuers.

Rhiwbina Lease Extension Case Summaries:

Sophia, Rhiwbina, Cardiff,

Off the back of unsuccessful correspondence with the freeholder of her first floor apartment in Rhiwbina, Sophia commenced the lease extension process as the eighty year mark was rapidly approaching. The legal work completed in September 2011. The freeholder’s costs were negotiated to a tad over 700 pounds.

Rhiwbina case:

Mr and Mrs. V Turner owned a first floor apartment in Rhiwbina in September 2003. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Similar premises in Rhiwbina with a long lease were in the region of £213,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease concluded in 2083. Taking into account 57 years remaining we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of expenses.

Rhiwbina case:

Mr and Mrs. U Young took over the lease of a garden flat in Rhiwbina in April 2010. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Rhiwbina with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 collected yearly. The lease came to a finish on 10 February 2103. Given that there were 77 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.