The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Llandaff can extend the lease for a further 90 years in accordance with legislation. Please think carefully before delaying your Llandaff lease extension. Postponing that expense today simply increases the price you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
The conveyancers that we work with handle Llandaff 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 conveyancing solicitor we work with provide it.
Following unsuccessful discussions with the landlord of her garden apartment in Llandaff, Hollie initiated the lease extension process as the 80 year deadline was fast approaching. The legal work completed in May 2007. The freeholder’s costs were kept to an absolute minimum.
Mrs F Torres purchased a first floor apartment in Llandaff in November 2010. We are asked if we could approximate the price would be for a ninety year lease extension. Identical properties in Llandaff with 100 year plus lease were in the region of £191,000. The mid-range ground rent payable was £65 invoiced monthly. The lease finished on 11 July 2084. Having 58 years left we estimated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 not including costs.
Mr and Mrs. J King took over the lease of a basement apartment in Llandaff in March 1999. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparable premises in Llandaff with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 collected quarterly. The lease elapsed in 2095. Having 69 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.