Main reasons to commence your Tregaron lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tregaron property value

The value of Tregaron leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Tregaron with over 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 purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not issue a mortgage with a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Many will simply refrain from lending at all once the residual lease term drops below a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Tregaron home.

Why use us for your lease extension in Tregaron?

Lease extensions in Tregaron can be a difficult process. We recommend you get 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 a wealth of experience dealing with Tregaron lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tregaron Lease Extension Example Cases:

Sophie, Tregaron, Aberaeron,

After lengthy discussions with the landlord of her leasehold apartment in Tregaron, Sophie commenced the lease extension process just as her lease was approaching the crucial eighty-year deadline. The lease extension was concluded in January 2012. The freeholder’s fees were restricted to slightly above 600 pounds.

Tregaron case:

In 2014 we were approached by Dr Morgan Gray who, having bought a studio apartment in Tregaron in September 1998. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative properties in Tregaron with 100 year plus lease were in the region of £260,000. The average ground rent payable was £50 collected yearly. The lease ended on 16 July 2098. Given that there were 72 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.

Tregaron case:

Last April we were phoned by Dr F Robinson , who completed a studio flat in Tregaron in October 2000. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Identical premises in Tregaron with a long lease were worth £256,600. The average ground rent payable was £60 billed quarterly. The lease expired on 7 May 2078. Considering the 52 years remaining we approximated the premium to the freeholder to extend the lease to be within £41,800 and £48,400 plus professional charges.