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

Tremeirchion leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Tremeirchion residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Tremeirchion you really ought to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Tremeirchion flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is put in place without delay

Tremeirchion property with a lease extension is almost the same value as a freehold

Leasehold premises in Tremeirchion with in excess of one hundred years left 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone intending to buy your property in the future might well do, so if they are unable to get a mortgage, then the market price 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 lend on

Why use us for your lease extension in Tremeirchion?

The conveyancing solicitors that we work with procure Tremeirchion lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Tremeirchion Lease Extension Case Studies:

Matthew, Tremeirchion, Denbighshire

Half a year ago Matthew, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Tremeirchion. In buying his property two decades ago, the length of the lease was of no bearing. Fortunately, he recognised he needed to take steps soon on a lease extension. Matthew arranged for a lease extension just under the wire last September. Matthew and the landlord who owned the flat above eventually settled on an amount of £6,000 . If he not met the deadline, the figure would have escalated by at least £1,050.

Tremeirchion case:

Dr Y Nelson completed a garden apartment in Tremeirchion in January 2007. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Similar properties in Tremeirchion with a long lease were valued around £246,800. The mid-range ground rent payable was £60 billed monthly. The lease lapsed in 2076. Considering the 50 years remaining we calculated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 not including fees.

Tremeirchion case:

Mr and Mrs. B Bonnet purchased a ground floor flat in Tremeirchion in September 2001. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparative properties in Tremeirchion with a long lease were worth £200,800. The mid-range amount of ground rent was £65 collected every twelve months. The lease ran out in 2086. Considering the 60 years remaining we estimated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 plus legals.