Trelogan leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Trelogan will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in Trelogan with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Yorkshire Building Society |
The conveyancers that we work with handle Trelogan lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Dexter owned a 2 bedroom flat in Trelogan being marketed with a lease of a few days over 61 years left. Dexter on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Dexter to exercise his statutory right. Dexter obtained expert advice and secured an acceptable deal informally and sell the flat.
Last month we were phoned by Mr and Mrs. N Martin , who completed a one bedroom apartment in Trelogan in February 2007. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Comparable properties in Trelogan with an extended lease were in the region of £261,600. The mid-range ground rent payable was £60 billed yearly. The lease finished in 2078. Considering the 52 years remaining we calculated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 plus expenses.
Last Summer we were phoned by Mr and Mrs. K Mason , who owned a one bedroom flat in Trelogan in September 2006. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Similar residencies in Trelogan with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease concluded in 2089. Having 63 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 not including legals.