When it comes to residential leasehold premises in Llandaff North, you are actually purchasing an entitlement to live in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably once there are less than eighty years remaining. Residents in Llandaff North with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has below 80 years left, under the relevant Act the freeholder is entitled to calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold properties in Llandaff North with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
The lawyers that we work with procure 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 conveyancer we work with provide it.
Blake was the the leasehold owner of a conversion apartment in Llandaff North on the market with a lease of a few days over fifty eight years left. Blake informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Blake to invoke his statutory right. Blake procured expert advice and was able to make a more informed judgement and deal with the matter and sell the property.
Last Winter we were phoned by Dr T Reed , who bought a one bedroom apartment in Llandaff North in April 2002. We are asked if we could approximate the price could be for a ninety year lease extension. Identical homes in Llandaff North with a long lease were in the region of £215,600. The average ground rent payable was £45 collected per annum. The lease termination date was in 2088. Considering the 62 years remaining we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of expenses.
Last Winter we were phoned by Mr and Mrs. T Bonnet , who moved into a purpose-built flat in Llandaff North in November 2004. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Llandaff North with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease finished on 18 June 2099. Given that there were 73 years unexpired we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.