Why you should start your Treuddyn lease extension

Main reasons to start your Treuddyn lease extension today:

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

Treuddyn 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. Most owners of residential leasehold property in Treuddyn enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Treuddyn you would be well advised to see if your lease has between 70 and 90 years remaining. There are good reasons why a Treuddyn flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Treuddyn with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend on a short lease

What makes us experts in Treuddyn lease extensions?

Lease extensions in Treuddyn can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience procuring Treuddyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Treuddyn Lease Extension Case Studies:

Evan, Treuddyn, Flintshire

Last October Evan, came perilously near to the 80-year threshold with the lease on his first floor flat in Treuddyn. Having purchased his flat two decades ago, the unexpired term was of minimal importance. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Evan extended the lease just ahead of time in January. Evan and the landlord ultimately settled on an amount of £5,500 . If the lease had dropped lower than 80 years, the figure would have gone up by at least £900.

Treuddyn case:

Mr Seth Rogers acquired a ground floor flat in Treuddyn in January 2007. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Similar properties in Treuddyn with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 collected monthly. The lease came to a finish in 2099. Considering the 73 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.

Treuddyn case:

Dr C Díaz owned a purpose-built apartment in Treuddyn in May 2004. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Similar properties in Treuddyn with an extended lease were valued about £264,000. The average amount of ground rent was £60 invoiced yearly. The lease expiry date was on 4 October 2079. Taking into account 53 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of expenses.