Main reasons to commence your Trelogan lease extension

Why you should start your Trelogan lease extension today:

Increase your lease and increase your Trelogan property value

With a domestic leasehold premises in Trelogan, you are actually buying a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater especially once there are less than eighty years left. Leasehold owners in Trelogan with a lease approaching 81 years remaining should seriously consider extending it sooner rather than later. When the lease term has under 80 years left, under the relevant Act the landlord can calculate and charge a larger premium, assessed on a technical calculation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Trelogan with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying 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

Almost all mortgage lenders will not lend on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Trelogan property being difficult to sell or to obtain finance on.

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

Lease extensions in Trelogan can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 Example Cases:

Amber, Trelogan, Flintshire,

In the wake of eight months of lengthy discussions with the landlord of her ground floor apartment in Trelogan, Amber commenced the lease extension process as the eighty year threshold was swiftly coming. The legal work completed in June 2007. The freeholder’s fees were kept to an absolute minimum.

Trelogan case:

In 2011 we were approached by Mr and Mrs. G Mercier who, having purchased a ground floor apartment in Trelogan in March 2007. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Trelogan with an extended lease were worth £260,000. The average ground rent payable was £50 billed annually. The lease terminated on 23 January 2098. Having 72 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.

Trelogan case:

Mr and Mrs. I Brooks moved into a one bedroom flat in Trelogan in March 1997. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Comparable residencies in Trelogan with a long lease were in the region of £261,600. The mid-range ground rent payable was £60 billed annually. The lease expiry date was in 2078. Given that there were 52 years remaining we approximated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of fees.