There is no doubt about it a leasehold flat or house in Roath Park is a wasting asset as a result of the shortening lease. If the lease has, beyond one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner as opposed to later. Many flat owners in Roath Park will meet the qualifying criteria; nevertheless a lawyer will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Roath Park with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Roath Park can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 a wealth of experience procuring 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.
Dylan was the the leasehold owner of a 2 bedroom flat in Roath Park being sold with a lease of a little over 59 years remaining. Dylan on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last Winter we were approach by Mrs Ellie Phillips , who completed a newly refurbished apartment in Roath Park in March 2010. We are asked if we could approximate the price could be for a 90 year lease extension. Comparable properties in Roath Park with a long lease were in the region of £235,200. The mid-range ground rent payable was £45 invoiced every twelve months. The lease finished on 22 July 2092. Taking into account 66 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.
Last month we were phoned by Dr Callum Díaz , who was assigned a lease of a one bedroom flat in Roath Park in November 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Roath Park with an extended lease were valued about £280,000. The average amount of ground rent was £55 invoiced per annum. The lease ended in 2103. Considering the 77 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.