Trelogan leases on domestic deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease falls under 80 years - otherwise a higher premium will be payable. Leasehold owners in Trelogan will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some cases you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Trelogan with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Trelogan can be a difficult process. We recommend you obtain professional help from a conveyancer 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 Trelogan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tommy was the the leasehold proprietor of a studio flat in Trelogan being sold with a lease of a few days over sixty years left. Tommy on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Tommy to exercise his statutory right. Tommy procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were e-mailed by Mr and Mrs. A Anderson , who completed a first floor flat in Trelogan in August 1997. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Similar properties in Trelogan with a long lease were valued about £176,200. The average ground rent payable was £65 collected monthly. The lease ran out in 2082. Considering the 56 years left we approximated the premium to the landlord to extend the lease to be within £29,500 and £34,000 not including fees.
Mr and Mrs. O Bailey took over the lease of a studio apartment in Trelogan in May 2012. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical residencies in Trelogan with 100 year plus lease were valued around £242,600. The average ground rent payable was £45 invoiced annually. The lease expired on 17 January 2093. Taking into account 67 years outstanding we calculated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including expenses.