Why you should commence your Tredegar lease extension

Why you should start your Tredegar lease extension today:

Increase your lease and increase your Tredegar property value

The only way is down when it comes to Tredegar lease terms. Tredegar properties that have a residual term lower than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will rise.

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

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to lend on a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once the remaining lease term goes beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Tredegar home.

What makes us experts in Tredegar lease extensions?

Using our service will provide you increased control over the value of your Tredegar leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Tredegar Lease Extension Case Summaries:

Natasha, Tredegar, Abertillery,

Off the back of lengthy discussions with the freeholder of her two bedroom flat in Tredegar, Natasha initiated the lease extension process as the 80 year mark was quickly nearing. The lease extension was concluded in July 2006. The landlord’s charges were kept to an absolute minimum.

Tredegar case:

Mr and Mrs. W Garcia purchased a first floor apartment in Tredegar in June 1996. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar residencies in Tredegar with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 billed yearly. The lease expiry date was on 2 October 2094. Given that there were 68 years left we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.

Tredegar case:

In 2009 we were approached by Mr F Brooks who, having bought a ground floor flat in Tredegar in June 2007. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Identical residencies in Tredegar with an extended lease were in the region of £208,600. The mid-range amount of ground rent was £60 billed per annum. The lease ended on 28 November 2083. Having 57 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of costs.