Stop! Your Lease Extension in Trefriw Could Be FREE

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Many leaseholders in Trefriw 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 Trefriw 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 Trefriw lease extension

Why you should commence your Trefriw lease extension today:

Increase your lease and increase your Trefriw property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Trefriw. Clearly, the period of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Trefriw have the right to extend the lease for a further 90 years in accordance with legislation. You should give due attention before delaying your Trefriw lease extension. Holding off that expense now simply increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone intending to buy your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of your property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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 Trefriw lease extensions?

Lease extensions in Trefriw can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 dealing with Trefriw lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Trefriw Lease Extension Example Cases:

Tyler, Trefriw, Conwy,

Tyler owned a conversion apartment in Trefriw being sold with a lease of fraction over 59 years outstanding. Tyler informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Tyler to invoke his statutory right. Tyler obtained expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Trefriw case:

Last Autumn we were approach by Mr E Howard , who owned a first floor apartment in Trefriw in April 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Identical homes in Trefriw with an extended lease were valued about £290,000. The mid-range amount of ground rent was £60 billed per annum. The lease ran out in 2106. Taking into account 80 years outstanding we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.

Trefriw case:

In 2011 we were e-mailed by Dr Chloe Fournier who, having moved into a ground floor apartment in Trefriw in July 2002. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Similar flats in Trefriw with an extended lease were in the region of £200,800. The average amount of ground rent was £65 invoiced per annum. The lease elapsed on 17 January 2086. Considering the 60 years outstanding we approximated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of legals.