Main reasons to start your Radyr lease extension

Main reasons to start your Radyr lease extension today:

Increase your lease and increase your Radyr property value

When it comes to long leasehold premises in Radyr, you effectively rent it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are fewer than eighty years left. Leasehold owners in Radyr with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. Once a lease has under 80 years remaining, under the current statute the freeholder can calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to lend on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as unacceptable for lending purposes.

What makes us experts in Radyr lease extensions?

Regardless of whether you are a tenant or a landlord in Radyr,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Radyr valuers.

Radyr Lease Extension Example Cases:

Adam, Radyr, Cardiff

Half a year ago Adam, came dangerously close to the eighty-year threshold with the lease on his garden apartment in Radyr. In buying his property two decades ago, the lease term was of little bearing. Fortunately, he became aware that he would imminently be paying an escalated premium for Extending the lease. Adam extended the lease just under the wire in April. Adam and the freeholder subsequently agreed on a premium of £5,500 . If the lease had dipped to less than eighty years, the price would have gone up by at least £1,150.

Radyr case:

In 2009 we were phoned by Dr Sam López who, having owned a newly refurbished flat in Radyr in March 1999. The dilemma was if we could estimate the price would be to extend the lease by a further 90 years. Similar residencies in Radyr with an extended lease were worth £260,000. The average amount of ground rent was £50 billed monthly. The lease ran out in 2097. Considering the 71 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.

Radyr case:

Ms Alisha Thomas was assigned a lease of a studio flat in Radyr in October 2000. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable premises in Radyr with an extended lease were worth £254,200. The mid-range ground rent payable was £60 billed every twelve months. The lease termination date was on 18 July 2077. Taking into account 51 years remaining we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of professional charges.