Top reasons for Trimdon lease extension

Main reasons to commence your Trimdon lease extension today:

A Trimdon lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Trimdon you actually own a long leasehold interest over your property

Trimdon property with a lease extension is almost the same value as a freehold

Leasehold residencies in Trimdon with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not lend on a short lease

Most mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is probable that someone intending to acquire your property in the future might well do, so if they are unable to get a mortgage, then the market price of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Trimdon lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Trimdon,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Trimdon valuers.

Trimdon Lease Extension Case Summaries:

Benjamin, Trimdon, County Durham,

Benjamin was the the leasehold proprietor of a 2 bedroom flat in Trimdon on the market with a lease of just over 72 years left. Benjamin on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Trimdon case:

In 2012 we were contacted by Mr F Morgan who, having bought a studio flat in Trimdon in April 2008. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Trimdon with an extended lease were worth £255,000. The average amount of ground rent was £50 invoiced annually. The lease came to a finish on 26 September 2097. Given that there were 71 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Trimdon case:

In 2014 we were approached by Dr L Nelson who, having owned a ground floor flat in Trimdon in February 2001. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative flats in Trimdon with an extended lease were worth £254,200. The mid-range ground rent payable was £60 billed annually. The lease finished on 17 May 2077. Having 51 years remaining we calculated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 plus expenses.