Top reasons for Adamsdown lease extension

Main reasons to commence your Adamsdown lease extension today:

A Adamsdown leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Adamsdown you actually own a long leasehold interest over your property

Adamsdown property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by banks has increased. Historically lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Adamsdown lease extensions?

Irrespective of whether you are a tenant or a landlord in Adamsdown,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Adamsdown valuers.

Adamsdown Lease Extension Case Summaries:

Grace, Adamsdown, Cardiff,

Following protracted correspondence with the freeholder of her purpose-built apartment in Adamsdown, Grace commenced the lease extension process as the 80 year threshold was swiftly nearing. The legal work was finalised in August 2006. The freeholder’s costs were kept to an absolute minimum.

Adamsdown case:

In 2010 we were contacted by Mr and Mrs. E Howard who, having purchased a studio flat in Adamsdown in March 2011. The question was if we could estimate the price could be to extend the lease by ninety years. Similar flats in Adamsdown with a long lease were worth £246,800. The mid-range ground rent payable was £60 collected annually. The lease came to a finish in 2076. Considering the 50 years as a residual term we calculated the premium to the landlord to extend the lease to be between £44,700 and £51,600 plus legals.

Adamsdown case:

Dr Jayden Gray purchased a newly refurbished flat in Adamsdown in September 2012. The question was if we could approximate the price would be for a ninety year extension to my lease. Identical premises in Adamsdown with an extended lease were worth £203,200. The mid-range ground rent payable was £65 billed per annum. The lease came to a finish on 25 July 2087. Having 61 years left we calculated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 not including expenses.