Lisvane leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Lisvane will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Lisvane with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Halifax | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Lisvane can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 Lisvane lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joseph owned a studio flat in Lisvane being sold with a lease of a little over fifty eight years left. Joseph on an informal basis spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be due on a lease extension were Joseph to exercise his statutory right. Joseph obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.
In 2012 we were approached by Mr and Mrs. I Alexander who, having bought a studio apartment in Lisvane in November 1995. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical flats in Lisvane with a long lease were worth £275,000. The average amount of ground rent was £65 collected annually. The lease elapsed on 25 September 2094. Considering the 68 years left we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.
Mr Felix Richardson owned a first floor flat in Lisvane in August 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Comparable properties in Lisvane with an extended lease were valued about £213,600. The average ground rent payable was £60 collected yearly. The lease came to a finish on 4 September 2083. Given that there were 57 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including costs.