Main reasons to start your Radyr lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Radyr is impacted by how long the lease has remaining. If it is close to or less than 80 years you should expect problems on re-sale, so it is recommended to arrange for a lease extension prior to buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be addressed well before the eighty year mark. Leasehold Reform legislation enables Radyr qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

Radyr property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years left on the lease; others may be prepared to lend with anything with more than seventy years. With less than sixty years, it may be difficult to get a mortgage at all.

What makes us experts in Radyr lease extensions?

Retaining our service will provide you better control over the value of your Radyr leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Radyr Lease Extension Example Cases:

Michael, Radyr, Cardiff

In 2014 Michael, came perilously close to the eighty-year mark with the lease on his one bedroom flat in Radyr. Having purchased his flat two decades ago, the unexpired term was of little significance. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Michael extended the lease just under the wire last June. Michael and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If the lease had dropped below eighty years, the premium would have increased by at least £1,075.

Radyr case:

Mr and Mrs. V Bonnet took over the lease of a one bedroom apartment in Radyr in March 2001. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Comparable residencies in Radyr with a long lease were in the region of £242,600. The average ground rent payable was £45 invoiced monthly. The lease ran out in 2093. Given that there were 67 years unexpired we calculated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including fees.

Radyr case:

Last year we were approach by Mr and Mrs. T Nguyen , who took over the lease of a one bedroom flat in Radyr in April 2012. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Radyr with a long lease were worth £280,000. The mid-range amount of ground rent was £55 billed quarterly. The lease came to a finish on 13 February 2104. Having 78 years left we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.