Main reasons to commence your Lisvane lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lisvane property value

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

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent 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 in the future.

Lending institutions may not finance a property with a short lease

Almost all mortgage companies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the financial worth of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Lisvane?

Lease extensions in Lisvane can be a difficult process. We recommend you secure 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 a wealth of experience dealing with Lisvane lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lisvane Lease Extension Case Studies:

Freddie, Lisvane, Cardiff,

Freddie owned a 2 bedroom apartment in Lisvane on the market with a lease of fraction over 72 years unexpired. Freddie informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.

Lisvane case:

In 2014 we were approached by Mr and Mrs. S Bertrand who, having took over the lease of a one bedroom apartment in Lisvane in November 1997. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Lisvane with 100 year plus lease were worth £265,200. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed in 2091. Having 66 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 plus fees.

Lisvane case:

Last Spring we were approach by Mrs D Carter , who bought a first floor flat in Lisvane in May 2006. The dilemma was if we could estimate the premium could be to extend the lease by ninety years. Similar properties in Lisvane with an extended lease were in the region of £198,800. The average amount of ground rent was £55 billed every twelve months. The lease elapsed in 2080. Considering the 55 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of expenses.