Top reasons for Rhiwbina lease extension

Main reasons to start your Rhiwbina lease extension today:

A Rhiwbina leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Rhiwbina residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Rhiwbina property prices.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher premium will be due. Most flat owners in Rhiwbina will be able to extend under the legislation; however a conveyancer will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancer throughout the process.

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not lend with a short lease

Lenders are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As a number of flats in Rhiwbina were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Rhiwbina?

The conveyancing solicitors that we work with handle Rhiwbina lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Rhiwbina Lease Extension Example Cases:

Molly, Rhiwbina, Cardiff,

Off the back of protracted discussions with the freeholder of her purpose-built apartment in Rhiwbina, Molly commenced the lease extension process just as her lease was coming close to the crucial 80-year threshold. The legal work completed in January 2015. The landlord’s fees were negotiated to under 600 GBP.

Rhiwbina case:

In 2013 we were e-mailed by Mrs K Young who, having moved into a one bedroom apartment in Rhiwbina in July 2011. The question was if we could estimate the premium would be for a ninety year lease extension. Identical flats in Rhiwbina with 100 year plus lease were valued about £300,000. The average ground rent payable was £50 invoiced annually. The lease ran out on 19 June 2102. Having 76 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.

Rhiwbina case:

Mr and Mrs. B Walker completed a one bedroom apartment in Rhiwbina in October 2012. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparative homes in Rhiwbina with an extended lease were worth £257,800. The mid-range ground rent payable was £65 billed annually. The lease ran out in 2091. Having 65 years outstanding we estimated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including expenses.