Main reasons to commence your Roath Park lease extension

Main reasons to start your Roath Park lease extension today:

Increase your lease and increase your Roath Park property value

There is no doubt about it a leasehold flat or house in Roath Park is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner than later. Most flat owners in Roath Park will meet the qualifying criteria; nevertheless a lawyer can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is generally accepted that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may not finance a property with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Roath Park property becoming difficult to sell or remortgage.

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

The lawyers that we work with undertake Roath Park 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 lawyer we work with provide it.

Roath Park Lease Extension Case Summaries:

Reuben, Roath Park, Cardiff,

Reuben was the the leasehold proprietor of a studio apartment in Roath Park on the market with a lease of a little over fifty eight years left. Reuben informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Reuben to exercise his statutory right. Reuben procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Roath Park case:

Dr O Michel was assigned a lease of a one bedroom apartment in Roath Park in May 2009. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Similar properties in Roath Park with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 billed annually. The lease finished in 2104. Given that there were 78 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of legals.

Roath Park case:

Dr N Turner completed a basement apartment in Roath Park in November 2011. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical properties in Roath Park with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 collected annually. The lease expiry date was in 2084. Having 58 years remaining we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of fees.