Why you should start your Victoria Park lease extension

Main reasons to commence your Victoria Park lease extension today:

Increase your lease and increase your Victoria Park property value

Victoria Park residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage on a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Victoria Park?

Regardless of whether you are a tenant or a freeholder in Victoria Park,the lease extension lawyers 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 Victoria Park valuers.

Victoria Park Lease Extension Example Cases:

Rachael, Victoria Park, Cardiff,

Off the back of lengthy discussions with the freeholder of her basement apartment in Victoria Park, Rachael initiated the lease extension process as the eighty year threshold was fast advancing. The legal work was concluded in October 2013. The landlord’s charges were negotiated to approximately four hundred pounds.

Victoria Park case:

Ms Naomi Wilson was assigned a lease of a studio apartment in Victoria Park in July 1997. The question was if we could approximate the price would likely be for a 90 year lease extension. Similar homes in Victoria Park with 100 year plus lease were valued about £208,600. The average amount of ground rent was £60 billed every twelve months. The lease elapsed in 2083. Having 57 years unexpired we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including fees.

Victoria Park case:

Mr B Laurent completed a newly refurbished flat in Victoria Park in July 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparable properties in Victoria Park with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 collected yearly. The lease terminated on 19 February 2103. Taking into account 77 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.