Top reasons for Lisvane lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lisvane property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Lisvane. Clearly, the length of lease left reduces over time. This is often overlooked and only raises itself as an issue when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Lisvane have the right to extend the lease for a further ninety years under statute. Do give careful deliberation before delaying your Lisvane lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Lisvane property becoming difficult to sell or to obtain finance on.

What makes us experts in Lisvane lease extensions?

Engaging our service will provide you enhanced control over the value of your Lisvane leasehold, as your property will be more valuable and marketable in relation to the 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.

Lisvane Lease Extension Case Studies:

Jade, Lisvane, Cardiff,

Following lengthy negotiations with the freeholder of her studio apartment in Lisvane, Jade started the lease extension process just as her lease was coming close to the critical 80-year threshold. The legal work was finalised in May 2011. The landlord’s fees were restricted to less than 450 GBP.

Lisvane case:

Last May we were contacted by Dr Kai Robinson , who was assigned a lease of a basement flat in Lisvane in October 1997. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparable flats in Lisvane with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease lapsed in 2106. Given that there were 80 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.

Lisvane case:

Last month we were phoned by Mr C Lefebvre , who owned a one bedroom apartment in Lisvane in October 1999. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Lisvane with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £45 billed annually. The lease came to a finish on 6 April 2095. Considering the 69 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.