Grangetown Lease Extension - Free Consultation

Before you progress with your lease extension in Grangetown
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to start your Grangetown lease extension


Main reasons to commence your Grangetown lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Grangetown may extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Grangetown lease extension. Putting off the costs now simply escalates the price you will eventually have to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Grangetown with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to loan monies with a short lease

The trend since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically banks 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 lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Grangetown lease extensions?

Retaining our service gives you better control over the value of your Grangetown leasehold, as your property will be more valuable and saleable in terms of lease length should you want 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.

Grangetown Lease Extension Example Cases:

Daisy, Grangetown, Cardiff,

Off the back of lengthy discussions with the landlord of her ground floor apartment in Grangetown, Daisy initiated the lease extension process as the 80 year deadline was swiftly coming. The legal work was concluded in September 2015. The freeholder’s fees were kept to an absolute minimum.

Grangetown case:

Mr and Mrs. J André moved into a first floor flat in Grangetown in October 1998. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar premises in Grangetown with 100 year plus lease were valued about £218,400. The average amount of ground rent was £60 collected per annum. The lease ended on 1 August 2084. Taking into account 59 years remaining we approximated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of professional charges.

Grangetown case:

Last Spring we were called by Ms U Davis , who moved into a one bedroom flat in Grangetown in April 2009. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Identical flats in Grangetown with a long lease were worth £205,000. The mid-range amount of ground rent was £50 billed annually. The lease concluded in 2104. Taking into account 79 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.