Why you should commence your Treharris lease extension

Main reasons to commence your Treharris lease extension today:

A Treharris lease depreciates with the years remaining on the lease.

The value of Treharris leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than 80 years

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not lend with a short lease

Banks and building societies are really clamping down as regards to homes in Treharris with short leases. For instance you may find that their lending requirements 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 needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting the number of potential purchasers.

Why use us for your lease extension in Treharris?

Engaging our service gives you better control over the value of your Treharris leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Treharris Lease Extension Case Summaries:

Ethan, Treharris, Merthyr Tydfil,

Ethan was the the leasehold proprietor of a high value flat in Treharris on the market with a lease of just over 61 years remaining. Ethan informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the flat.

Treharris case:

Last Spring we were contacted by Mr and Mrs. U Anderson , who purchased a studio flat in Treharris in March 2002. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparable flats in Treharris with an extended lease were valued around £295,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease lapsed on 2 January 2100. Taking into account 74 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.

Treharris case:

Last Autumn we were approach by Ms Amy Taylor , who moved into a one bedroom apartment in Treharris in April 2012. The dilemma was if we could approximate the price could be to extend the lease by an additional years. Comparative flats in Treharris with an extended lease were in the region of £243,000. The average ground rent payable was £65 invoiced every twelve months. The lease termination date was in 2089. Given that there were 63 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 plus expenses.