Why you should commence your Treuddyn lease extension

Top reasons for lease extension now:

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

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 prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Treuddyn. Inevitably, the term of lease left shortens as time goes by. This is often ignored and only raises itself as an issue 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 extend the lease. Eligible leaseholders in Treuddyn have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do give due attention before putting off your Treuddyn lease extension. Putting off the cost now only increases the price you will eventually have to pay for a lease extension

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

What makes us experts in Treuddyn lease extensions?

The conveyancers that we work with handle Treuddyn 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 lawyer we work with provide it.

Treuddyn Lease Extension Case Studies:

Lydia, Treuddyn, Flintshire,

Off the back of protracted negotiations with the freeholder of her ground floor apartment in Treuddyn, Lydia commenced the lease extension process just as the lease was coming close to the critical 80-year threshold. The legal work completed in September 2009. The freeholder’s costs were kept to an absolute minimum.

Treuddyn case:

In 2012 we were called by Dr A Dupont who, having bought a recently refurbished flat in Treuddyn in July 2010. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Identical premises in Treuddyn with a long lease were valued about £203,200. The average amount of ground rent was £65 collected monthly. The lease termination date was on 14 April 2087. Taking into account 61 years remaining we approximated the premium to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of costs.

Treuddyn case:

Last Winter we were called by Mr Alex Edwards , who was assigned a lease of a studio apartment in Treuddyn in August 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Comparative premises in Treuddyn with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 billed quarterly. The lease expired in 2098. Taking into account 72 years remaining we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.