Why you should commence your Roath lease extension

Main reasons to commence your Roath lease extension today:

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

The value of Roath leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not lend with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Roath were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Roath lease extensions?

Lease extensions in Roath can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Roath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Roath Lease Extension Case Summaries:

Ali, Roath, Cardiff,

Ali was the the leasehold proprietor of a studio flat in Roath being sold with a lease of just over 72 years left. Ali on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be due on a lease extension were Ali to invoke his statutory right. Ali procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Roath case:

Mr Tommy Young bought a one bedroom flat in Roath in August 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparative homes in Roath with a long lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected quarterly. The lease expired on 1 November 2104. Taking into account 78 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including professional charges.

Roath case:

In 2011 we were called by Mr and Mrs. T Garcia who, having completed a first floor flat in Roath in August 1998. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable homes in Roath with an extended lease were worth £267,600. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2093. Having 67 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 not including expenses.