Torrington leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Flat owners in Torrington will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Torrington with in excess of 100 years left on the lease are often 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 | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Torrington can be a difficult process. We recommend you get guidance from a lawyer 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 Torrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Archie, started to get close to the eighty-year threshold with the lease on his basement flat in Torrington. In buying his property two decades ago, the lease term was of little bearing. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Archie extended the lease at the eleventh hour last September. Archie and the freeholder via the management company ultimately agreed on sum of £6,000 . If the lease had descended lower than eighty years, the amount would have become more costly by at least £850.
Last Spring we were approach by Dr Chantelle Bonnet , who moved into a garden flat in Torrington in August 2012. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Similar properties in Torrington with a long lease were in the region of £290,000. The average ground rent payable was £60 invoiced yearly. The lease finished in 2106. Having 80 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus costs.
In 2009 we were approached by Mr Jacob Roux who, having owned a one bedroom apartment in Torrington in November 1999. The question was if we could approximate the price could be for a 90 year extension to my lease. Comparative residencies in Torrington with a long lease were valued about £200,800. The average amount of ground rent was £65 billed per annum. The lease ran out on 15 August 2086. Considering the 60 years unexpired we approximated the premium to the landlord to extend the lease to be between £20,900 and £24,200 plus costs.