As the the remaining lease term of a Torrington residential lease decreases so does its value and therefore the value of your property. If the lease has, over one hundred years to run then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Torrington will meet the qualifying criteria; however a conveyancer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Torrington can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Torrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aaron was the the leasehold proprietor of a conversion flat in Torrington on the market with a lease of a little over sixty years unexpired. Aaron informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Aaron to exercise his statutory right. Aaron obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Mr and Mrs. L Morel completed a studio flat in Torrington in September 2002. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Similar premises in Torrington with 100 year plus lease were valued about £245,000. The average ground rent payable was £50 billed annually. The lease concluded on 18 January 2094. Given that there were 68 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.
Dr V Leroy owned a one bedroom apartment in Torrington in July 2001. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Identical properties in Torrington with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 billed per annum. The lease finished in 2105. Taking into account 79 years outstanding we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.