Trelogan leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Trelogan tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Trelogan you would be well advised to check if your lease has between seventy and ninety years left. There are good reasons why a Trelogan leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is put in place without delay
It is conventional wisdom that a property with more than 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 property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| TSB | |
| Virgin |
Lease extensions in Trelogan can be a difficult process. We recommend you secure guidance 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 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.
Seth was the the leasehold owner of a high value flat in Trelogan being marketed with a lease of a little over 61 years left. Seth on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Seth to invoke his statutory right. Seth procured expert advice and secured an acceptable deal informally and sell the property.
Dr Daisy Nguyen completed a newly refurbished flat in Trelogan in November 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable homes in Trelogan with an extended lease were valued about £225,400. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease end date was in 2090. Given that there were 64 years unexpired we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of expenses.
Last Winter we were e-mailed by Mr and Mrs. U Bailey , who took over the lease of a newly refurbished apartment in Trelogan in January 2004. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Identical homes in Trelogan with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed monthly. The lease came to a finish in 2101. Having 75 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.