Stop! Your Lease Extension in Tredegar Could Be FREE

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Many leaseholders in Tredegar are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Tredegar has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Tredegar lease extension

Why you should commence your Tredegar lease extension today:

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

Tredegar residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

Leasehold residencies in Tredegar with in excess of 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 property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not grant a mortgage with a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Tredegar property being difficult to sell or to obtain finance on.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Tredegar lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Tredegar,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tredegar valuers.

Tredegar Lease Extension Case Summaries:

Thomas, Tredegar, Abertillery,

Thomas was the the leasehold proprietor of a high value apartment in Tredegar on the market with a lease of fraction over fifty eight years outstanding. Thomas informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Thomas to exercise his statutory right. Thomas obtained expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Tredegar case:

Last Christmas we were phoned by Ms R Díaz , who took over the lease of a garden apartment in Tredegar in February 2001. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Comparable residencies in Tredegar with 100 year plus lease were valued about £300,000. The mid-range amount of ground rent was £50 billed quarterly. The lease termination date was in 2101. Having 75 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.

Tredegar case:

Mr D Parker moved into a basement apartment in Tredegar in October 2011. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparable flats in Tredegar with a long lease were valued about £250,400. The average amount of ground rent was £65 billed per annum. The lease ran out on 1 April 2090. Taking into account 64 years outstanding we estimated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 not including expenses.