It’s a harsh truth that a Trimdon residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Trimdon property market.Once your lease gets to 85ish years, you should start considering a lease extension. If the number of years remaining drops under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Trimdon will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.
Leasehold residencies in Trimdon with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with undertake Trimdon 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.
Kian was the the leasehold proprietor of a 2 bedroom apartment in Trimdon on the market with a lease of fraction over 59 years remaining. Kian informally contacted his landlord a well known local-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 new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Kian to invoke his statutory right. Kian obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
In 2012 we were called by Dr K Young who, having purchased a recently refurbished flat in Trimdon in July 2012. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Identical residencies in Trimdon with a long lease were valued about £176,200. The mid-range ground rent payable was £65 collected yearly. The lease terminated on 18 September 2082. Taking into account 56 years as a residual term we approximated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus legals.
In 2012 we were phoned by Mr G White who, having owned a newly refurbished apartment in Trimdon in March 2005. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Trimdon with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced quarterly. The lease end date was on 20 September 2093. Having 67 years as a residual term we approximated the premium to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of costs.