Trefriw leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Trefriw residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Trefriw you must check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Coventry Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Trefriw can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in lease extensions.
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 in-depth market knowledge procuring Trefriw lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the freeholder of her first floor apartment in Trefriw, Jessica started the lease extension process just as the lease was coming close to the crucial 80-year mark. The lease extension was finalised in January 2005. The landlord’s fees were kept to an absolute minimum.
In 2014 we were e-mailed by Mr and Mrs. T Girard who, having purchased a recently refurbished flat in Trefriw in July 2003. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparable flats in Trefriw with 100 year plus lease were worth £270,000. The average ground rent payable was £55 billed quarterly. The lease expired on 2 February 2101. Having 75 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
In 2010 we were e-mailed by Mr R Cooper who, having acquired a ground floor apartment in Trefriw in March 2008. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Similar residencies in Trefriw with an extended lease were worth £173,800. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease ended on 24 February 2081. Given that there were 55 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus costs.