There is no doubt about it a leasehold flat or house in Trimdon is a wasting asset as a result of the shortening lease. Where the lease has, over 99 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner rather than later. Many flat owners in Trimdon will qualify for this right; nevertheless a lawyer will be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Trimdon with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Trimdon can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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.
After unsuccessful correspondence with the freeholder of her first floor flat in Trimdon, Jennifer initiated the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was finalised in February 2007. The freeholder’s charges were kept to an absolute minimum.
In 2013 we were approached by Mr C Baker who, having moved into a one bedroom apartment in Trimdon in May 2008. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Trimdon with 100 year plus lease were valued about £270,000. The average ground rent payable was £55 invoiced per annum. The lease lapsed on 26 August 2101. Given that there were 75 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
In 2014 we were contacted by Mr and Mrs. G Parker who, having was assigned a lease of a one bedroom apartment in Trimdon in August 2007. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Similar flats in Trimdon with 100 year plus lease were in the region of £173,800. The mid-range ground rent payable was £60 collected quarterly. The lease expired in 2081. Given that there were 55 years remaining we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including legals.