Why you should start your Roath Park lease extension

Main reasons to commence your Roath Park lease extension today:

Increase your lease and increase your Roath Park property value

There is no doubt about it a leasehold property in Roath Park is a wasting asset as a result of the shortening lease. Where the lease has, over 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Roath Park will qualify for this right; nevertheless a lawyer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Roath Park if the remaining lease term is less than the criteria set by the majority of lenders. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Roath Park?

Regardless of whether you are a tenant or a freeholder in Roath Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Roath Park valuers.

Roath Park Lease Extension Example Cases:

Harry, Roath Park, Cardiff

Half a year ago Harry, came critically near to the eighty-year mark with the lease on his ground floor apartment in Roath Park. Having purchased his flat two decades ago, the unexpired term was of little interest. by good luck, he recognised he needed to take steps soon on Extending the lease. Harry arranged for a lease extension at the eleventh hour in July. Harry and the landlord who owned the flat above ultimately settled on sum of £5,000 . If he not met the deadline, the price would have gone up by a minimum £900.

Roath Park case:

Last Christmas we were called by Mr and Mrs. U Watson , who completed a one bedroom flat in Roath Park in November 2011. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Identical flats in Roath Park with an extended lease were valued around £173,800. The mid-range ground rent payable was £60 collected per annum. The lease expired on 5 July 2081. Given that there were 55 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of costs.

Roath Park case:

Dr B Young owned a ground floor flat in Roath Park in July 2004. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Similar homes in Roath Park with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 billed quarterly. The lease expiry date was in 2092. Considering the 66 years left we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.