As the length of the unexpired term of a Trefnant residential lease decreases so does its value and therefore the value of your property. Where the lease has, beyond 99 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Trefnant will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible to extend your lease. In limited 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 residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Retaining our service gives you better control over the value of your Trefnant leasehold, as your property will be more valuable and saleable in relation to the 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.
During the course of the last few months Edward, started to get near to the 80-year threshold with the lease on his purpose- built apartment in Trefnant. Having purchased his property twenty years ago, the length of the lease was of minimal relevance. Luckily, he recognised he would soon be paying an inflated amount for Extending the lease. Edward extended the lease at the eleventh hour last April. Edward and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the figure would have escalated by at least £1,050.
Dr Arthur González purchased a studio apartment in Trefnant in September 1995. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical properties in Trefnant with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease expired in 2101. Given that there were 75 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.
Last Spring we were e-mailed by Dr Imogen Moreau , who owned a basement apartment in Trefnant in June 1995. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical premises in Trefnant with a long lease were in the region of £168,800. The mid-range ground rent payable was £60 invoiced every twelve months. The lease lapsed in 2081. Considering the 55 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus professional charges.