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Main reasons to commence your Torrington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Torrington property value

On the balance of probabilities where you own a flat in Torrington you actually own a long leasehold interest over your property

Torrington property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years left once the mortgage has expired. As a number of flats in Torrington were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Coventry Building Society 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.
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.
National Westminster Bank Mortgage term plus 30 years.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 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.

Why use us for your lease extension in Torrington?

Irrespective of whether you are a tenant or a freeholder in Torrington,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Torrington valuers.

Torrington Lease Extension Case Summaries:

Alexandra, Torrington, Devon,

Subsequent to lengthy negotiations with the freeholder of her leasehold flat in Torrington, Alexandra initiated the lease extension process just as the lease was nearing the all-important eighty-year deadline. The legal work completed in January 2005. The freeholder’s fees were negotiated to about 550 pounds.

Torrington case:

Mr and Mrs. A Bonnet purchased a studio apartment in Torrington in July 1996. We are asked if we could approximate the premium would be to extend the lease by an additional years. Identical premises in Torrington with an extended lease were worth £254,200. The average ground rent payable was £60 billed every twelve months. The lease ended in 2076. Considering the 51 years left we estimated the premium to the landlord to extend the lease to be between £43,700 and £50,600 plus costs.

Torrington case:

Last year we were called by Dr W James , who completed a ground floor apartment in Torrington in April 2012. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparable premises in Torrington with 100 year plus lease were valued about £210,600. The average amount of ground rent was £45 collected every twelve months. The lease finished in 2087. Taking into account 62 years left we estimated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus legals.