On the balance of probabilities where you own a flat in Roath Park you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Roath Park can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 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.
Joseph was the the leasehold owner of a conversion flat in Roath Park being sold with a lease of a few days over fifty eight years remaining. Joseph informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joseph to exercise his statutory right. Joseph procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last Summer we were contacted by Mr W Anderson , who acquired a first floor flat in Roath Park in February 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparable properties in Roath Park with 100 year plus lease were valued about £280,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ended on 19 June 2103. Given that there were 78 years outstanding we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.
Last month we were approach by Dr P Cox , who took over the lease of a garden apartment in Roath Park in April 1996. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Roath Park with a long lease were valued about £191,000. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2083. Given that there were 58 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 plus fees.