Top reasons for Roath lease extension

Main reasons to commence your Roath lease extension today:

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

The only way is down when it comes to Roath lease terms. Roath properties that have a residual term lower than eighty years will reduce in market price even faster, and the cost to extend your lease will go up.

Roath property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage on a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. Historically lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Roath?

Lease extensions in Roath can be a difficult process. We recommend you obtain 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 a wealth of experience dealing with 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 Example Cases:

Alexandra, Roath, Cardiff,

Following unsuccessful correspondence with the freeholder of her ground floor apartment in Roath, Alexandra initiated the lease extension process as the eighty year mark was fast nearing. The transaction was concluded in October 2006. The landlord’s costs were negotiated to slightly above 650 pounds.

Roath case:

In 2013 we were e-mailed by Mr and Mrs. D Sharif who, having purchased a first floor apartment in Roath in October 2007. The dilemma was if we could estimate the price could be for a ninety year lease extension. Identical homes in Roath with a long lease were valued about £260,200. The mid-range ground rent payable was £65 billed monthly. The lease lapsed on 26 August 2092. Taking into account 66 years unexpired we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus legals.

Roath case:

Mrs Alisha Edwards was assigned a lease of a basement flat in Roath in February 2000. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Similar properties in Roath with 100 year plus lease were valued about £198,800. The average amount of ground rent was £55 invoiced every twelve months. The lease expired on 18 March 2081. Given that there were 55 years left we approximated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 not including legals.