Why you should start your Llandough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Llandough property value

There is no doubt about it a leasehold property in Llandough is a wasting asset as a result of the shortening lease. If the residual term has, in excess of 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in Llandough will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to finance a property on a short lease

Most mortgage lenders will not lend on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Llandough property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our Llandough lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Llandough 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.

Llandough Lease Extension Case Studies:

Samuel, Llandough, Vale Of Glamorgan

Last October Samuel, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Llandough. In buying his flat two decades ago, the unexpired term was of little bearing. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Samuel was able to extend his lease just under the wire in June. Samuel and the landlord who owned the flat above ultimately settled on sum of £6,000 . If the lease had fallen to less than 80 years, the sum would have gone up by a minimum £1,075.

Llandough case:

Last Summer we were phoned by Dr P Nguyen , who completed a garden flat in Llandough in August 2011. We are asked if we could estimate the price would be to prolong the lease by an additional years. Identical homes in Llandough with 100 year plus lease were valued around £208,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease came to a finish on 6 August 2087. Having 61 years unexpired we calculated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 not including professional charges.

Llandough case:

Mr and Mrs. A Young purchased a ground floor flat in Llandough in October 2006. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Similar flats in Llandough with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 collected quarterly. The lease terminated on 8 November 2098. Taking into account 72 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.