Top reasons for Radyr lease extension
<div class="lm-topic lm-topic-lender">
<p>
<h3>
Why you should start your Radyr lease extension today: </h3>
<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/radyr">Radyr</a> leasehold property depreciates with the years remaining on the lease.
</h4>
<p> There is no doubt about it a leasehold property in Radyr is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 99 years to run then this decrease may be of little impact however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Radyr will qualify for this right; that being said a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
<h4>Radyr property with a lease extension has roughly the same value as a freehold</h4>
<p>
Leasehold properties in Radyr with more than 100 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 freehold unless savings on ground rent and service charges warrant it. <h4>Lenders may not lend with a short lease</h4> Nearly all mortgage lenders will not grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A buyer will likely encounter difficulties to obtain a mortgage and this will result in your Radyr property being difficult to dispose of or to obtain finance on. <p>
<div class="row">
<div class="col-sm-8">
<table class="table table-striped table-condensed">
<thead>
<tr><th>Lender</th>
<th> Requirement
</thead>
<tbody>
<tr>
<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
</tr>
<tr>
<td>Coventry Building Society</td>
<td> A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
</tr>
<tr>
<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
</tr>
<tr>
<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
</tr>
<tr>
<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
</tr>
</tbody>
</table>
</div>
</div>
<h4>
Why use us for your lease extension in Radyr? </h4>
<p> Irrespective of whether you are a tenant or a freeholder in Radyr,the lease extension experts 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.
<h4>
Radyr Lease Extension Example Cases:
</h4>
<h5> Hunter, Radyr, Cardiff,</h5>
<p>
Hunter owned a high value flat in Radyr being sold with a lease of fraction over 72 years outstanding. Hunter informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.
<h5>Radyr case:</h5>
<p>
In 2011 we were contacted by Mr Adam Adams who, having was assigned a lease of a studio apartment in Radyr in June 1996. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Radyr with 100 year plus lease were valued around £235,200. The average ground rent payable was £45 collected annually. The lease expired in 2092. Given that there were 66 years outstanding we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.
<h5>Radyr case:</h5>
<p>
Last Autumn we were phoned by Mr S Ricardo , who
purchased a one bedroom flat in Radyr in September 2002. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical premises in Radyr with an extended lease were valued about £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease concluded on 11 March 2102. Considering the 76 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.
</div>