Top reasons for Trelogan lease extension

Main reasons to commence your Trelogan lease extension today:

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

Trelogan leases on residential deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the current lease drops under 80 years - otherwise a higher premium will be due. Flat owners in Trelogan will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Trelogan with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Trelogan if the remaining term of your lease is under the criteria set by most banks and building societies. Different lenders have different requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Trelogan lease extensions?

Regardless of whether you are a tenant or a freeholder in Trelogan,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Trelogan valuers.

Trelogan Lease Extension Case Summaries:

Freya, Trelogan, Flintshire,

Off the back of lengthy correspondence with the freeholder of her garden flat in Trelogan, Freya commenced the lease extension process as the 80 year deadline was swiftly approaching. The lease extension was concluded in March 2014. The freeholder’s costs were restricted to a tad over 600 GBP.

Trelogan case:

Mr and Mrs. U Hall acquired a studio flat in Trelogan in July 2002. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Identical premises in Trelogan with 100 year plus lease were in the region of £200,800. The mid-range amount of ground rent was £65 collected monthly. The lease concluded on 1 January 2086. Taking into account 60 years unexpired we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 plus costs.

Trelogan case:

In 2014 we were contacted by Mrs Louise Cox who, having bought a studio apartment in Trelogan in February 1999. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Trelogan with an extended lease were worth £260,000. The average ground rent payable was £50 billed per annum. The lease terminated in 2097. Taking into account 71 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.