Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Trelogan. Inevitably, the period of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Trelogan have the right to extend the lease for a further ninety years in accordance with legislation. Do give due attention before putting off your Trelogan lease extension. Putting off that expense now simply increases the price you will eventually incur for a lease extension
It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Mortgage term plus 30 years subject to an overall minimum term of 70 years |
| National Westminster Bank | Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower. |
| Royal Bank of Scotland | Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower. |
Lease extensions in Trelogan can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.
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 in-depth market knowledge 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.
Following protracted correspondence with the landlord of her purpose-built apartment in Trelogan, Lucy commenced the lease extension process as the 80 year threshold was quickly approaching. The lease extension completed in February 2010. The freeholder’s costs were restricted to about 700 pounds.
Last Autumn we were e-mailed by Dr H Hernández , who owned a one bedroom flat in Trelogan in March 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative properties in Trelogan with 100 year plus lease were worth £183,600. The mid-range amount of ground rent was £65 collected yearly. The lease termination date was on 10 November 2078. Taking into account 57 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus legals.
In 2010 we were approached by Mr and Mrs. V Baker who, having was assigned a lease of a one bedroom flat in Trelogan in February 2005. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparable premises in Trelogan with 100 year plus lease were worth £245,000. The average ground rent payable was £50 invoiced monthly. The lease expired in 2089. Having 68 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.