The only way is down when it comes to Llanishen lease terms. Llanishen leaseholds that have a remaining term lower than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold premises in Llanishen with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Llanishen can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 Llanishen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lewis owned a 2 bedroom apartment in Llanishen on the market with a lease of just over sixty years left. Lewis informally spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Lewis to exercise his statutory right. Lewis obtained expert advice and secured an acceptable deal without resorting to tribunal and sell the property.
In 2009 we were approached by Mr and Mrs. L Mason who, having acquired a studio flat in Llanishen in May 1998. We are asked if we could estimate the price could be to extend the lease by ninety years. Similar homes in Llanishen with a long lease were worth £264,000. The average ground rent payable was £60 billed annually. The lease lapsed in 2079. Given that there were 53 years as a residual term we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 not including fees.
Mrs S Martin acquired a recently refurbished apartment in Llanishen in November 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Comparable homes in Llanishen with a long lease were in the region of £220,400. The mid-range ground rent payable was £45 invoiced monthly. The lease terminated in 2090. Considering the 64 years as a residual term we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including fees.