Main reasons to start your Llandaff North lease extension

Why you should start your Llandaff North lease extension today:

A Llandaff North lease depreciates with the years remaining on the lease.

The value of Llandaff North leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent 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 decades to come.

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

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may be problematic when you wish to dispose of or refinance your property as it will be practically unmortgageable. You might have no imminent intention to sell but when you do your purchaser must wait two years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Llandaff North?

The conveyancing solicitors that we work with handle Llandaff North lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Llandaff North Lease Extension Example Cases:

Zachary, Llandaff North, Cardiff,

Zachary was the the leasehold proprietor of a high value flat in Llandaff North being sold with a lease of a little over 59 years left. Zachary on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Zachary to exercise his statutory right. Zachary obtained expert advice and was able to make a more informed judgement and handle with the matter and sell the property.

Llandaff North case:

Last Winter we were approach by Dr Milo Taylor , who bought a garden apartment in Llandaff North in May 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparable properties in Llandaff North with 100 year plus lease were worth £270,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out in 2100. Considering the 74 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.

Llandaff North case:

Last Winter we were approach by Dr A Hernández , who purchased a first floor flat in Llandaff North in July 2002. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Llandaff North with 100 year plus lease were in the region of £166,400. The average ground rent payable was £60 collected monthly. The lease end date was on 1 March 2080. Given that there were 54 years outstanding we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of legals.