Top reasons for Llanrumney lease extension

Why you should start your Llanrumney lease extension today:

A Llanrumney leasehold property depreciates with the years remaining on the lease.

Llanrumney residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

Almost all mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Llanrumney?

Irrespective of whether you are a tenant or a freeholder in Llanrumney,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Llanrumney valuers.

Llanrumney Lease Extension Example Cases:

David, Llanrumney, Cardiff,

David was the the leasehold proprietor of a studio flat in Llanrumney being marketed with a lease of a few days over 59 years left. David on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were David to exercise his statutory right. David procured expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Llanrumney case:

In 2013 we were contacted by Mr and Mrs. S Anderson who, having purchased a first floor apartment in Llanrumney in March 2003. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Identical properties in Llanrumney with a long lease were in the region of £216,000. The mid-range amount of ground rent was £60 billed annually. The lease terminated on 11 May 2084. Having 58 years unexpired we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus fees.

Llanrumney case:

In 2010 we were called by Dr H Sánchez who, having moved into a one bedroom apartment in Llanrumney in September 2003. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar flats in Llanrumney with a long lease were valued around £200,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease concluded on 15 August 2104. Having 78 years remaining we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.