The only way is down when it comes to St Fagans lease terms. St Fagans leaseholds that have a residual term lower than 80 years will reduce in market price even faster, and the cost of extending your lease will increase.
Leasehold residencies in St Fagans with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in St Fagans can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 dealing with St Fagans lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago David, came critically close to the eighty-year threshold with the lease on his two bedroom flat in St Fagans. In buying his home 19 years previously, the unexpired term was of minimal interest. Thankfully, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. David arranged for a lease extension just under the wire in August. David and the landlord who owned the flat above subsequently agreed on sum of £6,000 . If he failed to meet the deadline, the figure would have gone up by at least £1,150.
Mrs Niamh Davis took over the lease of a studio apartment in St Fagans in March 2010. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparable premises in St Fagans with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 invoiced monthly. The lease finished on 15 November 2095. Taking into account 69 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.
Mr and Mrs. H Carter acquired a one bedroom apartment in St Fagans in April 2000. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative homes in St Fagans with 100 year plus lease were worth £216,000. The average ground rent payable was £60 billed annually. The lease terminated in 2084. Considering the 58 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.