Torrington leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Torrington will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Using our service gives you better control over the value of your Torrington leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Tyler, came perilously near to the eighty-year mark with the lease on his one bedroom flat in Torrington. In buying his home twenty years previously, the lease term was of minimal concern. Thankfully, he realised he would soon be paying way over the odds for a lease extension. Tyler was able to extend his lease just under the wire in May. Tyler and the landlord who owned the flat above in the end settled on the final figure of £6,000 . If he not met the deadline, the figure would have escalated by a minimum £1,125.
Last Christmas we were phoned by Mr and Mrs. K Nelson , who owned a basement apartment in Torrington in February 2008. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Torrington with a long lease were worth £200,800. The average ground rent payable was £65 collected quarterly. The lease finished on 25 June 2086. Considering the 60 years unexpired we approximated the premium to the landlord for the lease extension to be within £20,900 and £24,200 not including costs.
Mr and Mrs. A Brown completed a basement apartment in Torrington in May 2008. The dilemma was if we could estimate the premium would likely be to extend the lease by an additional years. Identical premises in Torrington with 100 year plus lease were valued about £255,000. The average ground rent payable was £50 collected quarterly. The lease expiry date was in 2097. Taking into account 71 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.