Why you should commence your Treforest lease extension

Main reasons to start your Treforest lease extension today:

Increase your lease and increase your Treforest property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Treforest have the legal entitlement to extend the lease for an additional 90 years under Leasehold Reform legislation. Do think carefully before delaying your Treforest lease extension. Putting off that expense now simply increases the price you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Most banks and building societies insist on a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so if they are not able to get a mortgage, then the market price of the property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

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

The lawyers that we work with handle Treforest 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.

Treforest Lease Extension Case Summaries:

Lewis, Treforest, Abercynon,

Lewis was the the leasehold proprietor of a studio apartment in Treforest being marketed with a lease of a few days over 72 years unexpired. Lewis on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Lewis to invoke his statutory right. Lewis procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Treforest case:

Mr and Mrs. K López acquired a garden apartment in Treforest in May 1995. The question was if we could approximate the price would be for a 90 year lease extension. Comparable premises in Treforest with a long lease were worth £245,000. The mid-range ground rent payable was £45 collected per annum. The lease lapsed in 2094. Given that there were 68 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.

Treforest case:

In 2013 we were phoned by Mr and Mrs. M Simon who, having was assigned a lease of a basement apartment in Treforest in November 2000. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparative residencies in Treforest with a long lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced per annum. The lease ran out in 2105. Considering the 79 years left we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus legals.