Top reasons for Tregaron lease extension

Top reasons for lease extension now:

A Tregaron leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Tregaron you actually own a long leasehold interest over your property

Tregaron property with a lease extension is almost the same value as a freehold

Leasehold properties in Tregaron with over one hundred years left on the lease are often 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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to finance a property on a short lease

Almost all mortgage companies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this could result in your Tregaron property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Tregaron?

The conveyancing solicitors that we work with procure Tregaron lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Tregaron Lease Extension Case Studies:

Sebastian, Tregaron, Aberaeron

During the course of the last few months Sebastian, came seriously close to the 80-year mark with the lease on his leasehold flat in Tregaron. In buying his home 19 years previously, the lease term was of little importance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Sebastian arranged for a lease extension just in the nick of time in June. Sebastian and the freeholder via the managing agents in the end settled on an amount of £5,500 . If the lease had slipped lower than 80 years, the sum would have gone up by a minimum £850.

Tregaron case:

Dr Zachary Edwards owned a one bedroom apartment in Tregaron in October 1999. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparative homes in Tregaron with 100 year plus lease were valued about £176,200. The mid-range amount of ground rent was £65 collected yearly. The lease ended in 2082. Having 56 years left we approximated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 not including costs.

Tregaron case:

In 2010 we were e-mailed by Dr Leo Cox who, having owned a one bedroom apartment in Tregaron in April 1997. The question was if we could estimate the premium could be to prolong the lease by ninety years. Comparative premises in Tregaron with 100 year plus lease were worth £237,600. The mid-range ground rent payable was £45 billed every twelve months. The lease lapsed in 2093. Taking into account 67 years left we estimated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 plus fees.