Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Trimdon. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the property 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 long lease owners in Trimdon have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please give careful deliberation before delaying your Trimdon lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease
Leasehold premises in Trimdon with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Trimdon can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer 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 dealing with Trimdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Gabriel was the the leasehold owner of a 2 bedroom apartment in Trimdon on the market with a lease of just over 61 years left. Gabriel informally approached his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Mrs M Patel completed a ground floor apartment in Trimdon in November 2008. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Trimdon with 100 year plus lease were in the region of £191,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished on 27 May 2083. Taking into account 58 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 not including costs.
Last Autumn we were phoned by Dr C Laurent , who acquired a one bedroom flat in Trimdon in March 2000. The question was if we could estimate the premium would be to prolong the lease by 90 years. Identical homes in Trimdon with an extended lease were worth £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease elapsed in 2094. Considering the 69 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.