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 diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Treuddyn residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Treuddyn you really ought to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Treuddyn property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend with a short lease

The trend since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Treuddyn?

Regardless of whether you are a tenant or a freeholder in Treuddyn,the lease extension experts that we work with will always be happy 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:

Alfie, Treuddyn, Flintshire

In 2014 Alfie, came critically close to the 80-year threshold with the lease on his studio apartment in Treuddyn. Having purchased his property two decades ago, the unexpired term was of no concern. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Alfie arranged for a lease extension at the eleventh hour last August. Alfie and the freeholder via the managing agents in the end agreed on the final figure of £6,000 . If the lease had descended lower than 80 years, the sum would have increased by a minimum £925.

Treuddyn case:

Dr K Parker purchased a one bedroom flat in Treuddyn in July 1996. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Identical residencies in Treuddyn with a long lease were valued around £275,000. The average amount of ground rent was £55 billed yearly. The lease terminated in 2103. Given that there were 77 years remaining we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.

Treuddyn case:

In 2013 we were approached by Mr L Lefebvre who, having was assigned a lease of a one bedroom apartment in Treuddyn in October 2010. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Identical homes in Treuddyn with 100 year plus lease were in the region of £183,600. The average amount of ground rent was £65 collected quarterly. The lease ran out on 16 October 2083. Having 57 years outstanding we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of costs.