For those whose Radyr flat is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Radyr can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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.
Harry owned a high value flat in Radyr on the market with a lease of fraction over sixty years remaining. Harry informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry procured expert advice and was able to make a more informed judgement and handle with the matter and sell the property.
Last November we were approach by Dr Caitlin Martin , who moved into a ground floor flat in Radyr in August 1999. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable homes in Radyr with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease expired in 2089. Considering the 63 years remaining we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.
In 2014 we were phoned by Mrs Chantelle Martínez who, having moved into a first floor apartment in Radyr in September 2007. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar homes in Radyr with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 invoiced monthly. The lease elapsed in 2100. Considering the 74 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.