Thornhill Lease Extension - Free Consultation

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Why you should commence your Thornhill lease extension


Main reasons to start your Thornhill lease extension today:

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

Thornhill leases on domestic properties are gradually losing value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Thornhill will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Thornhill with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to finance a property with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as inadequate security.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

Why use us for your lease extension in Thornhill?

Irrespective of whether you are a tenant or a landlord in Thornhill,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Thornhill valuers.

Thornhill Lease Extension Example Cases:

Natasha, Thornhill, Cardiff,

In the wake of 9 months of lengthy correspondence with the landlord of her two bedroom flat in Thornhill, Natasha initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension was finalised in February 2010. The landlord’s fees were negotiated to slightly above six hundred GBP.

Thornhill case:

Last year we were phoned by Mr and Mrs. T Bertrand , who purchased a garden flat in Thornhill in June 2007. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Thornhill with 100 year plus lease were valued around £265,200. The average amount of ground rent was £65 billed quarterly. The lease elapsed in 2090. Given that there were 66 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus costs.

Thornhill case:

In 2010 we were called by Mr Freddie Smith who, having moved into a one bedroom apartment in Thornhill in August 2001. We are asked if we could estimate the premium would be for a 90 year lease extension. Similar flats in Thornhill with a long lease were in the region of £198,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease elapsed in 2079. Having 55 years left we calculated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including costs.