When it comes to residential leasehold property in Llandough, you are actually purchasing a right to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are less than 80 years remaining. Leasehold owners in Llandough with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has less than 80 years remaining, under the relevant Act the landlord is entitled to calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold properties in Llandough with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Llandough can be a difficult process. We recommend you get professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Llandough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the freeholder of her first floor apartment in Llandough, Gemma started the lease extension process as the eighty year deadline was quickly nearing. The transaction was concluded in June 2015. The freeholder’s fees were restricted to slightly above 550 pounds.
Last Summer we were phoned by Dr Lauren King , who moved into a basement apartment in Llandough in August 2008. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar homes in Llandough with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 billed per annum. The lease elapsed in 2099. Considering the 73 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.
Last Autumn we were called by Mr and Mrs. O Young , who took over the lease of a garden flat in Llandough in April 2004. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable flats in Llandough with an extended lease were worth £264,000. The average amount of ground rent was £60 billed annually. The lease lapsed on 9 April 2079. Considering the 53 years unexpired we calculated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of costs.