The market value of Trentham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the remaining term is below than 80 years
Leasehold residencies in Trentham with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date 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 Trentham can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 procuring Trentham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Joshua, came precariously near to the 80-year mark with the lease on his studio flat in Trentham. Having purchased his home two decades ago, the length of the lease was of little significance. by good luck, he recognised he would imminently be paying way over the odds for Extending the lease. Joshua extended the lease at the eleventh hour in June. Joshua and the freeholder subsequently settled on a premium of £6,000 . If the lease had descended lower than eighty years, the price would have gone up by at least £1,125.
Dr N Clark owned a garden apartment in Trentham in September 1998. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparative flats in Trentham with a long lease were valued about £205,000. The average ground rent payable was £50 billed quarterly. The lease concluded in 2103. Considering the 78 years left we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.
In 2013 we were called by Dr Aaron Walker who, having completed a ground floor flat in Trentham in January 2008. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Comparative premises in Trentham with 100 year plus lease were worth £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease lapsed in 2092. Taking into account 67 years outstanding we approximated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of costs.