Why you should start your Radyr lease extension

Main reasons to start your Radyr lease extension today:

Increase your lease and increase your Radyr property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Radyr can extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Radyr lease extension. Putting off the costs now simply escalates the premium you will eventually be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Radyr with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Radyr property being difficult to sell or refinance.

Get in touch with one of our Radyr lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Radyr,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Radyr valuers.

Radyr Lease Extension Case Summaries:

Alicia, Radyr, Cardiff,

In the wake of 9 months of protracted discussions with the landlord of her one bedroom apartment in Radyr, Alicia started the lease extension process as the eighty year mark was rapidly coming. The transaction was finalised in April 2009. The landlord’s charges were negotiated to a tad over 650 pounds.

Radyr case:

In 2009 we were e-mailed by Ms Hollie García who, having took over the lease of a one bedroom flat in Radyr in September 2005. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Comparable homes in Radyr with an extended lease were worth £270,000. The average ground rent payable was £55 collected quarterly. The lease ended in 2101. Taking into account 75 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Radyr case:

In 2010 we were called by Dr Kian Sharif who, having purchased a one bedroom flat in Radyr in January 2005. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical residencies in Radyr with 100 year plus lease were worth £173,800. The average ground rent payable was £65 invoiced monthly. The lease finished on 3 July 2081. Considering the 55 years left we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.