The market value of a leasehold property in Llanishen depends on how many years the lease has remaining. If it is near to or less than 80 years you should expect problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to commence the lease extension process when the lease still has 82 years unexpired so that formalities can be finalised ahead of the eighty year cut off point. Current legislation entitles Llanishen qualifying lessees to acquire a lease extension of ninety years on top of the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold premises in Llanishen with in excess of 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
The lawyers that we work with undertake Llanishen 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.
Subsequent to lengthy correspondence with the freeholder of her garden apartment in Llanishen, Samantha started the lease extension process as the eighty year mark was quickly advancing. The lease extension completed in March 2009. The landlord’s fees were restricted to slightly above 600 pounds.
Mr Leo Norbert purchased a purpose-built apartment in Llanishen in September 2005. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Llanishen with an extended lease were in the region of £260,000. The average ground rent payable was £50 billed quarterly. The lease concluded on 21 January 2098. Considering the 72 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.
Dr Cameron Nelson took over the lease of a newly refurbished flat in Llanishen in March 2008. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative premises in Llanishen with an extended lease were in the region of £256,600. The mid-range ground rent payable was £60 billed yearly. The lease came to a finish on 9 September 2078. Given that there were 52 years remaining we estimated the compensation to the landlord for the lease extension to be within £41,800 and £48,400 not including legals.