Tregaron leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Tregaron residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Tregaron you must see if your lease has between seventy and 90 years left. There are compelling reasons why a Tregaron leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is put in place without delay
Leasehold premises in Tregaron with over 100 years unexpired 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 home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Tregaron can be a difficult process. We recommend you secure 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 procuring Tregaron lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Eliot, came dangerously close to the 80-year threshold with the lease on his one bedroom flat in Tregaron. In buying his home two decades ago, the length of the lease was of little interest. Luckily, he became aware that he needed to take steps soon on a lease extension. Eliot was able to extend his lease just in the nick of time in May. Eliot and the freeholder via the management company eventually agreed on an amount of £5,500 . If the lease had slid below 80 years, the price would have gone up by a minimum £1,000.
Mr and Mrs. S Roux owned a newly refurbished flat in Tregaron in November 1995. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar properties in Tregaron with an extended lease were valued about £220,400. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease expiry date was on 19 June 2090. Considering the 64 years outstanding we estimated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including costs.
Mr F Martin acquired a purpose-built flat in Tregaron in January 2008. The dilemma was if we could approximate the price could be to extend the lease by 90 years. Identical premises in Tregaron with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease finished on 25 January 2101. Taking into account 75 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.