Top reasons for Trelogan lease extension

Top reasons for lease extension now:

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

For those whose Trelogan home is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

Leasehold residencies in Trelogan with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage with a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years left at the end of the mortgage. Given that a number of flats in Trelogan were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Trelogan lease extensions?

Lease extensions in Trelogan can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Trelogan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Trelogan Lease Extension Case Studies:

Aarav, Trelogan, Flintshire,

Aarav owned a high value flat in Trelogan being sold with a lease of just over fifty eight years remaining. Aarav on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to invoke his statutory right. Aarav obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Trelogan case:

In 2010 we were approached by Mr and Mrs. T Johnson who, having owned a first floor apartment in Trelogan in November 2007. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparable homes in Trelogan with 100 year plus lease were in the region of £275,000. The average ground rent payable was £55 billed monthly. The lease ran out on 19 May 2102. Given that there were 76 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.

Trelogan case:

Last Spring we were e-mailed by Mr and Mrs. M Cooper , who moved into a garden flat in Trelogan in January 2002. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Similar premises in Trelogan with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 invoiced monthly. The lease finished on 9 February 2082. Taking into account 56 years remaining we calculated the premium to the landlord for the lease extension to be between £29,500 and £34,000 not including expenses.