Cardiff Bay Lease Extension - Free Consultation

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Main reasons to commence your Cardiff Bay lease extension


Why you should commence your Cardiff Bay lease extension today:

A Cardiff Bay lease depreciates with the years remaining on the lease.

The market value of Cardiff Bay leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

The trend since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the property over which the mortgage 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 would lend on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Cardiff Bay lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your Cardiff Bay leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cardiff Bay Lease Extension Case Summaries:

Naomi, Cardiff Bay, Cardiff,

After unsuccessful discussions with the landlord of her leasehold apartment in Cardiff Bay, Naomi initiated the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work was concluded in January 2015. The freeholder’s charges were kept to an absolute minimum.

Cardiff Bay case:

Last Spring we were approach by Dr Jasper Brooks , who moved into a purpose-built apartment in Cardiff Bay in August 2005. The question was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Similar flats in Cardiff Bay with an extended lease were in the region of £225,400. The mid-range amount of ground rent was £45 collected quarterly. The lease terminated in 2088. Having 64 years as a residual term we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including professional charges.

Cardiff Bay case:

Last month we were called by Dr F Girard , who took over the lease of a basement apartment in Cardiff Bay in July 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar homes in Cardiff Bay with an extended lease were valued about £270,000. The average ground rent payable was £55 billed every twelve months. The lease lapsed on 28 November 2099. Having 75 years remaining we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.