Main reasons to commence your Trelogan lease extension

Main reasons to commence your Trelogan lease extension today:

Increase your lease and increase your Trelogan property value

For those whose Trelogan flat is held on a long lease, our message is clear – if you do nothing, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not finance a property on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be deficient for lending purposes.

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

The lawyers that we work with undertake Trelogan 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.

Trelogan Lease Extension Example Cases:

Reuben, Trelogan, Flintshire,

Reuben owned a 2 bedroom flat in Trelogan on the market with a lease of a little over 59 years unexpired. Reuben on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Reuben to invoke his statutory right. Reuben procured expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Trelogan case:

Last Winter we were approach by Mrs Ella Bertrand , who moved into a studio flat in Trelogan in January 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Trelogan with an extended lease were valued about £250,000. The mid-range amount of ground rent was £50 collected yearly. The lease expired in 2094. Given that there were 68 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.

Trelogan case:

Dr Danielle Bertrand completed a ground floor flat in Trelogan in November 2010. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Trelogan with an extended lease were valued around £285,000. The average amount of ground rent was £55 invoiced yearly. The lease ended on 9 April 2105. Given that there were 79 years unexpired we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.