Main reasons to start your Trentham lease extension

Why you should start your Trentham lease extension today:

A Trentham lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Trentham may extend the lease for a further 90 years under statute. Do give careful consideration before delaying your Trentham lease extension. Shelving the costs today simply escalates the premium you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This will be problematic once you wish to sell or remortgage your flat as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your buyer must hold off for two years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Trentham?

Regardless of whether you are a tenant or a freeholder in Trentham,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Trentham valuers.

Trentham Lease Extension Example Cases:

Charlie, Trentham, Staffordshire,

Charlie was the the leasehold proprietor of a studio flat in Trentham on the market with a lease of a little over sixty years remaining. Charlie on an informal basis spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Charlie to invoke his statutory right. Charlie obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Trentham case:

Mr T Patel completed a basement flat in Trentham in November 2004. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Identical properties in Trentham with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £45 collected yearly. The lease expired in 2099. Having 73 years remaining we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.

Trentham case:

Ms W Rogers moved into a garden apartment in Trentham in January 1999. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative homes in Trentham with an extended lease were valued around £240,600. The mid-range amount of ground rent was £65 billed per annum. The lease lapsed in 2088. Considering the 62 years outstanding we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of costs.