When it comes to long leasehold premises in Cathays, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are fewer than 80 years left. Residents in Cathays with a lease approaching 81 years left should seriously consider extending it as soon as possible. Once the lease term has below 80 years remaining, under the current legislation the landlord is entitled to calculate and levy a larger premium, assessed on a technical computation, known as “marriage value” which is due.
Leasehold residencies in Cathays with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Cathays can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Cathays lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Connor was the the leasehold owner of a high value apartment in Cathays on the market with a lease of just over sixty years remaining. Connor informally contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert advice and was able to make an informed judgement and handle with the matter and sell the flat.
Last Christmas we were phoned by Mr B Martinez , who took over the lease of a one bedroom apartment in Cathays in July 1998. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Comparative residencies in Cathays with 100 year plus lease were in the region of £218,000. The mid-range ground rent payable was £45 collected per annum. The lease concluded on 28 March 2089. Given that there were 63 years unexpired we estimated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including fees.
Dr H Bennett purchased a one bedroom apartment in Cathays in June 2007. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable flats in Cathays with a long lease were in the region of £265,000. The average ground rent payable was £50 billed every twelve months. The lease finished in 2100. Taking into account 74 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.