Top reasons for Treuddyn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Treuddyn property value

With a long leasehold property in Treuddyn, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than eighty years left. Anyone in Treuddyn with a lease nearing 81 years remaining should seriously think of extending it sooner rather than later. Once the lease term has under eighty years left, under the current statute the freeholder can calculate and demand a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety 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 will not finance a property on a short lease

Many mortgage lenders will not lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your Treuddyn property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Treuddyn lease extensions?

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

Treuddyn Lease Extension Case Studies:

Jayden, Treuddyn, Flintshire

Last October Jayden, started to get close to the 80-year mark with the lease on his two bedroom apartment in Treuddyn. In buying his flat two decades ago, the unexpired term was of little bearing. Thankfully, he realised he would soon be paying an escalated premium for Extending the lease. Jayden extended the lease at the eleventh hour in July. Jayden and the freeholder eventually agreed on the final figure of £6,000 . If he had missed the deadline, the price would have increased by a minimum £1,125.

Treuddyn case:

Last Christmas we were phoned by Mr W Jones , who took over the lease of a studio apartment in Treuddyn in May 2010. The dilemma was if we could approximate the price could be to prolong the lease by ninety years. Similar flats in Treuddyn with a long lease were in the region of £250,000. The mid-range ground rent payable was £50 collected yearly. The lease terminated in 2095. Taking into account 69 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.

Treuddyn case:

In 2009 we were phoned by Mr Aiden Ramírez who, having took over the lease of a one bedroom flat in Treuddyn in July 1999. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparable properties in Treuddyn with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £55 billed every twelve months. The lease expired on 4 July 2106. Taking into account 80 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.