Top reasons for Victoria Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Victoria Park property value

The value of Victoria Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Victoria Park with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not grant a mortgage with a short lease

Lending institutions have set criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Victoria Park home.

Why use us for your lease extension in Victoria Park?

Irrespective of whether you are a tenant or a freeholder in Victoria Park,the lease extension lawyers that we work with will always be prepared 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:

David, Victoria Park, Cardiff,

David owned a conversion apartment in Victoria Park being sold with a lease of a few days over 61 years outstanding. David on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were David to exercise his statutory right. David procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Victoria Park case:

Dr I Peterson was assigned a lease of a newly refurbished apartment in Victoria Park in November 2007. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparable residencies in Victoria Park with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 collected per annum. The lease concluded in 2102. Given that there were 76 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Victoria Park case:

Last Spring we were phoned by Dr Alexander Petit , who took over the lease of a studio flat in Victoria Park in November 1996. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar flats in Victoria Park with 100 year plus lease were worth £252,800. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed in 2091. Considering the 65 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 not including expenses.