Treuddyn Lease Extension - Free Consultation

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Top reasons for Treuddyn lease extension


Why you should start your Treuddyn lease extension today:

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

The value of Treuddyn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Lending institutions are less likely to issue a mortgage on a residential flat in Treuddyn with a short lease. Many lenders simply refuse to lend on leases with under 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Why use us for your lease extension in Treuddyn?

Regardless of whether you are a tenant or a landlord in Treuddyn,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Treuddyn valuers.

Treuddyn Lease Extension Example Cases:

Kian, Treuddyn, Flintshire

Half a year ago Kian, started to get close to the eighty-year mark with the lease on his two bedroom flat in Treuddyn. In buying his home 19 years ago, the unexpired term was of little importance. by good luck, he realised he would imminently be paying way over the odds for a lease extension. Kian extended the lease just in the nick of time in March. Kian and the freeholder via the management company subsequently agreed on sum of £5,000 . If he had missed the deadline, the sum would have escalated by a minimum £850.

Treuddyn case:

Last month we were phoned by Ms U Young , who owned a recently refurbished apartment in Treuddyn in February 2011. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparable properties in Treuddyn with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease ran out in 2102. Given that there were 77 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.

Treuddyn case:

Dr S Torres purchased a basement flat in Treuddyn in September 1995. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Identical homes in Treuddyn with an extended lease were worth £183,600. The average ground rent payable was £65 invoiced every twelve months. The lease lapsed on 10 October 2082. Considering the 57 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.