The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Roath may extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Roath lease extension. Shelving that expense now simply increases the amount you will ultimately have to pay to extend the lease.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
|Barclays plc||Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.|
|Birmingham Midshires||Minimum 70 years from the date of the mortgage.|
|Coventry Building Society||A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.|
|Lloyds TSB Scotland||Mortgage term plus 30 years subject to an overall minimum term of 70 years|
|TSB||Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.|
Using our service gives you increased control over the value of your Roath leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy negotiations with the freeholder of her first floor apartment in Roath, Poppy initiated the lease extension process as the eighty year threshold was rapidly advancing. The legal work was finalised in January 2012. The landlord’s costs were restricted to a tad over 450 pounds.
Mr and Mrs. P Rodríguez purchased a studio flat in Roath in March 2000. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparable homes in Roath with a long lease were in the region of £171,800. The average ground rent payable was £55 invoiced every twelve months. The lease expired on 4 November 2071. Considering the 50 years remaining we calculated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including professional charges.
Last Christmas we were phoned by Mr and Mrs. U Martin , who completed a garden flat in Roath in November 2010. We are asked if we could estimate the price could be to extend the lease by ninety years. Similar properties in Roath with 100 year plus lease were in the region of £280,000. The average ground rent payable was £45 billed quarterly. The lease expiry date was on 26 May 2091. Taking into account 70 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.