With a residential leasehold property in Lisvane, you are actually purchasing an entitlement to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than 80 years left. Leasehold owners in Lisvane with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has below eighty years outstanding, under the relevant statute the freeholder is entitled to calculate and levy a greater premium, based on a technical computation, known as “marriage value” which is due.
It is conventional wisdom that a property with more than 100 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 residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | 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. |
Regardless of whether you are a tenant or a landlord in Lisvane,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lisvane valuers.
Last Summer Dexter, came very close to the 80-year mark with the lease on his one bedroom apartment in Lisvane. Having purchased his property 18 years ago, the length of the lease was of minimal concern. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Dexter extended the lease just under the wire last May. Dexter and the freeholder via the managing agents eventually agreed on sum of £6,000 . If the lease had gone to less than 80 years, the premium would have escalated by at least £850.
Dr L Smith took over the lease of a one bedroom flat in Lisvane in June 2012. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical flats in Lisvane with 100 year plus lease were in the region of £248,000. The average amount of ground rent was £65 billed monthly. The lease finished on 21 February 2089. Taking into account 63 years left we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including fees.
Last March we were contacted by Dr Austin Roux , who moved into a studio apartment in Lisvane in June 2007. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Similar premises in Lisvane with a long lease were in the region of £181,600. The average ground rent payable was £55 collected yearly. The lease lapsed on 8 August 2078. Considering the 52 years remaining we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including legals.