Main reasons to start your Tremeirchion lease extension

Main reasons to commence your Tremeirchion lease extension today:

Increase your lease and increase your Tremeirchion property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Tremeirchion. Inevitably, the term of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying leaseholders in Tremeirchion have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please give due deliberation before delaying your Tremeirchion lease extension. Putting off the cost now only increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years in the future.

Lenders may not lend on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so if they can't get a mortgage, then the value of your property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

Using our service will provide you increased control over the value of your Tremeirchion leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Tremeirchion Lease Extension Example Cases:

Leon, Tremeirchion, Denbighshire

In 2014 Leon, came precariously near to the 80-year threshold with the lease on his two bedroom flat in Tremeirchion. In buying his flat twenty years previously, the length of the lease was of no importance. Thankfully, he became aware that he would soon be paying an inflated amount for Extending the lease. Leon arranged for a lease extension just under the wire in August. Leon and the freeholder ultimately agreed on an amount of £5,000 . If the lease had slipped to less than eighty years, the amount would have become more exhorbitant by at least £975.

Tremeirchion case:

In 2012 we were approached by Mrs E Jackson who, having bought a one bedroom apartment in Tremeirchion in February 2008. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Similar premises in Tremeirchion with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 collected quarterly. The lease came to a finish on 28 November 2103. Having 77 years left we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.

Tremeirchion case:

Last Autumn we were approach by Dr S Roberts , who was assigned a lease of a purpose-built apartment in Tremeirchion in June 1996. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative homes in Tremeirchion with an extended lease were worth £181,200. The average amount of ground rent was £65 collected yearly. The lease expired on 23 February 2082. Having 56 years left we calculated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 not including costs.