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Why you should commence your Trelogan lease extension

Why you should commence your Trelogan lease extension today:

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

The market value of Trelogan 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 increase significantly once the unexpired lease term is below than eighty years

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

Leasehold residencies in Trelogan with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to finance a property on a short lease

Lenders do not like short residential leases. You most probably experience problems where you need to sell your flat in Trelogan if the remaining lease term is less than the criteria set by most lenders. Different lenders have different criteria but in the main they are looking for an unexpired term of at least seventy years.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Trelogan?

Engaging our service gives you increased control over the value of your Trelogan leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Trelogan Lease Extension Case Summaries:

Rory, Trelogan, Flintshire

Half a year ago Rory, came very close to the 80-year mark with the lease on his leasehold apartment in Trelogan. Having purchased his property twenty years ago, the length of the lease was of little significance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Rory extended the lease just under the wire last March. Rory and the freeholder via the managing agents eventually agreed on an amount of £5,000 . If he had missed the deadline, the figure would have gone up by a minimum £1,025.

Trelogan case:

Ms R Norbert was assigned a lease of a ground floor flat in Trelogan in April 2006. The question was if we could estimate the premium would be to extend the lease by an additional years. Identical properties in Trelogan with an extended lease were worth £265,000. The average amount of ground rent was £50 collected every twelve months. The lease ran out on 21 November 2096. Having 74 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Trelogan case:

In 2011 we were e-mailed by Dr Ollie Davies who, having bought a purpose-built apartment in Trelogan in March 2012. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Trelogan with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 billed yearly. The lease ended in 2076. Given that there were 54 years remaining we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus legals.