Top reasons for Llanrumney lease extension

Main reasons to commence your Llanrumney lease extension today:

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

Llanrumney leases on residential deteriorating in value. if your lease has about ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Llanrumney will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some cases you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.

Llanrumney property with a lease extension has roughly the same value as a freehold

Leasehold properties in Llanrumney with more than one hundred 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may not issue a mortgage on a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Llanrumney lease extensions?

The conveyancers that we work with procure Llanrumney 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.

Llanrumney Lease Extension Example Cases:

Melissa, Llanrumney, Cardiff,

Subsequent to protracted discussions with the freeholder of her garden apartment in Llanrumney, Melissa initiated the lease extension process just as the lease was approaching the critical eighty-year mark. The lease extension completed in August 2009. The freeholder’s fees were negotiated to slightly above 450 pounds.

Llanrumney case:

Last Spring we were called by Mr I García , who purchased a ground floor flat in Llanrumney in November 2011. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Identical flats in Llanrumney with an extended lease were worth £285,000. The average ground rent payable was £45 invoiced per annum. The lease elapsed in 2098. Given that there were 72 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.

Llanrumney case:

In 2009 we were contacted by Mr and Mrs. O Ward who, having was assigned a lease of a basement apartment in Llanrumney in April 2011. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative residencies in Llanrumney with a long lease were valued around £233,200. The mid-range amount of ground rent was £60 billed quarterly. The lease ended on 27 May 2087. Taking into account 61 years outstanding we estimated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 not including professional charges.