Thrapston leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Thrapston tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Thrapston you must see if your lease has between seventy and 90 years remaining. There are good reasons why a Thrapston leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay
Leasehold properties in Thrapston with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Retaining our service gives you increased control over the value of your Thrapston leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Jude, started to get close to the 80-year mark with the lease on his purpose- built apartment in Thrapston. In buying his property two decades ago, the lease term was of minimal concern. As luck would have it, he noticed he would imminently be paying an escalated premium for Extending the lease. Jude extended the lease at the eleventh hour in April. Jude and the landlord who owned the flat above subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have increased by a minimum £950.
In 2009 we were phoned by Mr and Mrs. U Vincent who, having was assigned a lease of a garden flat in Thrapston in June 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Identical homes in Thrapston with an extended lease were in the region of £186,000. The average ground rent payable was £65 invoiced yearly. The lease ended in 2084. Taking into account 58 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 not including fees.
In 2011 we were approached by Mr Connor Moreau who, having was assigned a lease of a first floor flat in Thrapston in August 2010. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable premises in Thrapston with an extended lease were worth £250,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed on 23 May 2095. Given that there were 69 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.