Top reasons for Treharris lease extension

Why you should commence your Treharris lease extension today:

Increase your lease and increase your Treharris property value

For those whose Treharris home is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not finance a property on a short lease

Lenders are really restricting their approach as regards to homes in Treharris with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting the number of prospective buyers.

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

Lease extensions in Treharris can be a difficult process. We recommend you procure professional help from a lawyer 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 dealing with Treharris lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Treharris Lease Extension Case Summaries:

Nathan, Treharris, Merthyr Tydfil,

Nathan was the the leasehold owner of a 2 bedroom apartment in Treharris being sold with a lease of fraction over 61 years remaining. Nathan informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Nathan to invoke his statutory right. Nathan obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Treharris case:

In 2009 we were e-mailed by Dr I Brooks who, having purchased a purpose-built apartment in Treharris in July 2005. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparative premises in Treharris with a long lease were worth £198,800. The average amount of ground rent was £55 invoiced yearly. The lease ended on 25 February 2081. Taking into account 55 years unexpired we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of expenses.

Treharris case:

In 2014 we were approached by Mr and Mrs. J Rogers who, having took over the lease of a one bedroom apartment in Treharris in August 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in Treharris with a long lease were valued around £300,000. The mid-range amount of ground rent was £50 collected monthly. The lease terminated in 2101. Considering the 75 years unexpired we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.