As the the remaining lease term of a Trelogan residential lease decreases so does its value and therefore the value of your property. If the lease has, over 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Trelogan will meet the qualifying criteria; that being said a conveyancing solicitor will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Trelogan can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.
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 procuring Trelogan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Finn owned a high value flat in Trelogan being sold with a lease of a little over fifty eight years remaining. Finn informally contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Finn to exercise his statutory right. Finn procured expert legal guidance and secured satisfactory resolution informally and sell the property.
Mr Lewis Rodríguez took over the lease of a first floor apartment in Trelogan in August 1998. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparative properties in Trelogan with a long lease were valued about £246,800. The mid-range amount of ground rent was £60 billed annually. The lease terminated in 2076. Considering the 50 years unexpired we calculated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 not including legals.
Last Summer we were contacted by Dr V Kelly , who owned a one bedroom flat in Trelogan in June 1996. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Comparable homes in Trelogan with an extended lease were in the region of £208,200. The average ground rent payable was £65 invoiced yearly. The lease ran out on 11 November 2087. Considering the 61 years outstanding we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus costs.