Why you should commence your Trentham lease extension

Main reasons to start your Trentham lease extension today:

Increase your lease and increase your Trentham property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Trentham may extend the lease for a further 90 years under legislation. Do think carefully before delaying your Trentham lease extension. Shelving that expense today simply increases the price you will ultimately be required to pay for a lease extension.

Trentham property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to homes in Trentham with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the amount of prospective buyers.

Get in touch with one of our Trentham lease extension solicitors or enfranchisement solicitors

The lawyers that we work with undertake Trentham 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.

Trentham Lease Extension Case Summaries:

Lucas, Trentham, Staffordshire

Two years ago Lucas, came very near to the 80-year threshold with the lease on his one bedroom apartment in Trentham. In buying his flat 19 years previously, the unexpired term was of minimal concern. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Lucas was able to extend his lease just ahead of time last June. Lucas and the landlord ultimately settled on the final figure of £6,000 . If the lease had dropped to less than eighty years, the premium would have escalated by at least £1,150.

Trentham case:

Mr and Mrs. Y Jones was assigned a lease of a one bedroom apartment in Trentham in September 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable homes in Trentham with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 billed quarterly. The lease expired in 2087. Considering the 61 years left we estimated the premium to the landlord for the lease extension to be within £22,800 and £26,400 plus fees.

Trentham case:

In 2010 we were contacted by Mr and Mrs. W Patel who, having owned a garden flat in Trentham in April 2001. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparable properties in Trentham with 100 year plus lease were worth £171,800. The average amount of ground rent was £55 collected every twelve months. The lease lapsed on 6 March 2076. Considering the 50 years left we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus legals.