Why you should start your Tremeirchion lease extension

Why you should commence your Tremeirchion lease extension today:

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

On the balance of probabilities where you own a flat in Tremeirchion you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Tremeirchion with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to issue a mortgage with a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Tremeirchion property.

What makes us experts in Tremeirchion lease extensions?

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

Tremeirchion Lease Extension Example Cases:

Sarah, Tremeirchion, Denbighshire,

Following protracted negotiations with the freeholder of her one bedroom flat in Tremeirchion, Sarah started the lease extension process as the eighty year deadline was fast advancing. The transaction was finalised in February 2006. The landlord’s fees were kept to an absolute minimum.

Tremeirchion case:

In 2010 we were e-mailed by Dr O Collins who, having took over the lease of a garden apartment in Tremeirchion in August 2001. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Identical properties in Tremeirchion with an extended lease were in the region of £250,000. The average ground rent payable was £50 invoiced quarterly. The lease ended on 15 July 2095. Given that there were 69 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.

Tremeirchion case:

Ms O Edwards was assigned a lease of a one bedroom flat in Tremeirchion in May 2003. We are asked if we could approximate the price would be for a 90 year extension to my lease. Similar residencies in Tremeirchion with a long lease were in the region of £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease expired in 2105. Taking into account 79 years left we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.