Unfortunately that a Roath Park 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 Roath Park property prices.Once your lease gets to 85ish years, you should 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 dips under 80 years - otherwise a higher premium will be payable. The majority of leasehold owners in Roath Park will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.
Leasehold properties in Roath Park with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Roath Park can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge dealing with Roath Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted discussions with the freeholder of her first floor flat in Roath Park, Jessica initiated the lease extension process just as her lease was nearing the critical eighty-year mark. The lease extension was concluded in January 2013. The freeholder’s fees were kept to an absolute minimum.
Ms Mia Evans purchased a ground floor apartment in Roath Park in April 2006. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparable homes in Roath Park with an extended lease were in the region of £270,000. The average ground rent payable was £55 billed monthly. The lease lapsed in 2100. Having 74 years unexpired we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.
Last Summer we were called by Mr and Mrs. A Bernard , who bought a garden apartment in Roath Park in November 2006. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable premises in Roath Park with an extended lease were worth £166,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease expired on 9 November 2080. Considering the 54 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including fees.