As the the remaining lease term of a Radyr domestic lease lessens so does its value and therefore the value of your property. Where the lease has, over one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years unexpired 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 consider extending sooner than later. Most flat owners in Radyr will qualify for this right; however a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Radyr with in excess of one hundred years left 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Radyr can be a difficult process. We recommend you obtain professional help from a conveyancer 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 a wealth of experience dealing with Radyr lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful negotiations with the landlord of her first floor flat in Radyr, Chloe commenced the lease extension process as the 80 year mark was rapidly approaching. The legal work completed in November 2007. The freeholder’s costs were negotiated to slightly above 550 pounds.
Mrs E Anderson acquired a garden flat in Radyr in November 2010. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparative homes in Radyr with an extended lease were valued about £260,000. The mid-range amount of ground rent was £50 billed annually. The lease ended on 18 March 2097. Taking into account 72 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.
In 2011 we were e-mailed by Mr L Cook who, having owned a purpose-built flat in Radyr in July 2003. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical flats in Radyr with 100 year plus lease were valued around £256,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish on 16 June 2077. Taking into account 52 years remaining we approximated the compensation to the freeholder for the lease extension to be within £41,800 and £48,400 exclusive of expenses.