Stop! Your Lease Extension in Trimdon Could Be FREE

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Many leaseholders in Trimdon are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Trimdon has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Trimdon lease extension

Main reasons to start your Trimdon lease extension today:

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

The value of Trimdon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is below than 80 years

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

It is conventional wisdom that a residential leasehold with over 100 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 equivalent in value to a freehold for decades to come.

Lending institutions may not lend with a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. As many flats in Trimdon were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

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

Retaining our service gives you increased control over the value of your Trimdon leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Trimdon Lease Extension Example Cases:

Stephanie, Trimdon, County Durham,

Off the back of protracted discussions with the landlord of her basement apartment in Trimdon, Stephanie commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The transaction was finalised in June 2005. The freeholder’s costs were kept to an absolute minimum.

Trimdon case:

Last Autumn we were contacted by Mrs U King , who took over the lease of a one bedroom flat in Trimdon in February 2012. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative flats in Trimdon with a long lease were worth £227,800. The mid-range amount of ground rent was £45 collected yearly. The lease came to a finish on 8 February 2091. Considering the 65 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Trimdon case:

In 2011 we were called by Ms Erin Stewart who, having completed a one bedroom flat in Trimdon in March 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical homes in Trimdon with an extended lease were in the region of £275,000. The average amount of ground rent was £55 billed yearly. The lease ran out in 2102. Considering the 76 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.