Stop! Your Lease Extension in Trefnant Could Be FREE

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Many leaseholders in Trefnant 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 Trefnant 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 start your Trefnant lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Trefnant you actually own a long leasehold interest over your property

Trefnant property with a lease extension has roughly the same value as a freehold

Leasehold premises in Trefnant with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to lend with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be insufficient security.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Trefnant lease extensions?

Irrespective of whether you are a tenant or a freeholder in Trefnant,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Trefnant valuers.

Trefnant Lease Extension Case Studies:

Emily, Trefnant, Denbighshire,

In the wake of eight months of unsuccessful negotiations with the landlord of her basement apartment in Trefnant, Emily started the lease extension process as the 80 year deadline was fast approaching. The transaction was finalised in February 2014. The freeholder’s costs were restricted to under 450 pounds.

Trefnant case:

In 2011 we were e-mailed by Dr T Leroy who, having acquired a studio flat in Trefnant in January 2002. The question was if we could estimate the price would be to extend the lease by a further 90 years. Identical properties in Trefnant with a long lease were worth £227,800. The average ground rent payable was £45 collected every twelve months. The lease concluded in 2091. Given that there were 65 years left we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus legals.

Trefnant case:

Last Autumn we were e-mailed by Mr and Mrs. S Sánchez , who purchased a purpose-built apartment in Trefnant in November 2010. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative properties in Trefnant with a long lease were in the region of £275,000. The average ground rent payable was £55 invoiced yearly. The lease finished on 3 March 2102. Considering the 76 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.