Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Trefnant. Clearly, the term of lease remaining reduces over time. This is often ignored and only becomes a problem when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Trefnant have the right to extend the lease for a further ninety years in accordance with legislation. Do give careful attention before delaying your Trefnant lease extension. Holding off that expense now simply increases the price you will eventually have to pay to extend your lease
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| Skipton Building Society |
Lease extensions in Trefnant can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 Trefnant lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry owned a 2 bedroom flat in Trefnant on the market with a lease of a little over sixty years left. Harry informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the property.
In 2013 we were called by Dr O Lambert who, having completed a studio apartment in Trefnant in September 2002. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative homes in Trefnant with 100 year plus lease were in the region of £256,600. The average amount of ground rent was £60 collected monthly. The lease terminated in 2078. Given that there were 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 not including legals.
Last Autumn we were contacted by Mr G Allen , who acquired a garden apartment in Trefnant in January 2005. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Identical homes in Trefnant with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 invoiced every twelve months. The lease termination date was on 22 October 2089. Given that there were 63 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including expenses.