Tring leases on residential deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Tring will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Tring with more than 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Tring can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 Tring lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Max owned a studio apartment in Tring being marketed with a lease of fraction over 59 years remaining. Max on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Max to exercise his statutory right. Max obtained expert advice and secured an acceptable deal informally and sell the property.
Last Spring we were phoned by Dr Edward Nguyen , who was assigned a lease of a garden flat in Tring in November 2004. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparable homes in Tring with a long lease were worth £257,800. The average ground rent payable was £65 billed quarterly. The lease ended on 16 November 2091. Considering the 65 years unexpired we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including legals.
Mr and Mrs. U Howard bought a first floor apartment in Tring in March 2011. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Tring with 100 year plus lease were worth £191,400. The mid-range amount of ground rent was £55 collected monthly. The lease expired on 8 February 2080. Considering the 54 years remaining we calculated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of costs.