Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Llantrisant. Inevitably, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the residence has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Llantrisant have the right to extend the lease for an additional ninety years under legislation. You should give due attention before delaying your Llantrisant lease extension. Holding off that expense now likely increases the price you will ultimately incur to extend your lease
Leasehold premises in Llantrisant with in excess of one hundred years unexpired 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 upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Skipton Building Society | |
| TSB |
The lawyers that we work with undertake Llantrisant 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 conveyancer we work with provide it.
In 2014 Leon, started to get near to the eighty-year threshold with the lease on his leasehold flat in Llantrisant. In buying his home 19 years previously, the unexpired term was of no significance. Thankfully, he realised he would imminently be paying an inflated amount for Extending the lease. Leon arranged for a lease extension just under the wire in April. Leon and the freeholder via the management company ultimately settled on an amount of £6,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £850.
In 2009 we were e-mailed by Ms P Peterson who, having completed a studio flat in Llantrisant in January 1997. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Identical homes in Llantrisant with a long lease were valued around £300,000. The average ground rent payable was £50 invoiced annually. The lease ran out on 23 April 2102. Taking into account 76 years left we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.
Mr and Mrs. Y Ricardo owned a first floor apartment in Llantrisant in June 2003. We are asked if we could approximate the premium would likely be to extend the lease by a further 90 years. Identical premises in Llantrisant with an extended lease were in the region of £252,800. The average ground rent payable was £65 billed annually. The lease ended on 13 October 2091. Taking into account 65 years as a residual term we approximated the premium to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of expenses.