Why you should start your Radyr lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Radyr you actually own a long leasehold interest over your property

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

Leasehold residencies in Radyr with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to finance a property with a short lease

Almost all mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Even if you don't need a mortgage, you should be conscious that it is likely that someone wanting to purchase your property in the future might well do, so if they are not able to get a mortgage, then the value of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Radyr lease extensions?

Lease extensions in Radyr can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 procuring Radyr lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Radyr Lease Extension Example Cases:

Charlie, Radyr, Cardiff,

Charlie owned a 2 bedroom flat in Radyr on the market with a lease of a few days over 61 years outstanding. Charlie on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Charlie to exercise his statutory right. Charlie obtained expert legal guidance and secured an acceptable deal informally and sell the flat.

Radyr case:

Mr N Miller moved into a purpose-built apartment in Radyr in May 1999. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Identical premises in Radyr with an extended lease were valued around £285,000. The mid-range ground rent payable was £55 invoiced annually. The lease ended on 2 January 2105. Considering the 79 years left we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.

Radyr case:

Dr Kyle Hall bought a basement apartment in Radyr in May 2010. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable premises in Radyr with 100 year plus lease were valued around £198,400. The average amount of ground rent was £65 invoiced monthly. The lease finished in 2085. Considering the 59 years remaining we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including expenses.