Top reasons for Trowbridge Estate lease extension

Main reasons to commence your Trowbridge Estate lease extension today:

Increase your lease and increase your Trowbridge Estate property value

The only way is down when it comes to Trowbridge Estate lease terms. Trowbridge Estate flats that have a remaining term shorter than 80 years will drop in value even faster, and the cost of extending your lease will increase.

Trowbridge Estate property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage with a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Trowbridge Estate lease extensions?

Using our service will provide you better control over the value of your Trowbridge Estate leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Trowbridge Estate Lease Extension Example Cases:

Ollie, Trowbridge Estate, London

In 2014 Ollie, came seriously near to the eighty-year mark with the lease on his basement flat in Trowbridge Estate. In buying his flat 19 years previously, the length of the lease was of minimal interest. by good luck, he recognised he would soon be paying way over the odds for a lease extension. Ollie extended the lease just in the nick of time last March. Ollie and the landlord subsequently settled on the final figure of £5,000 . If he had missed the deadline, the price would have become more exhorbitant by at least £1,075.

Trowbridge Estate case:

Last month we were e-mailed by Dr A Lewis , who acquired a garden apartment in Trowbridge Estate in August 1997. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparable properties in Trowbridge Estate with an extended lease were worth £200,800. The average ground rent payable was £65 invoiced yearly. The lease ended in 2086. Considering the 60 years unexpired we approximated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 exclusive of expenses.

Trowbridge Estate case:

In 2010 we were e-mailed by Dr Alexandra Ali who, having purchased a recently refurbished apartment in Trowbridge Estate in August 2010. The question was if we could approximate the price would be for a 90 year lease extension. Comparative residencies in Trowbridge Estate with a long lease were in the region of £255,000. The mid-range ground rent payable was £50 billed per annum. The lease expired in 2097. Considering the 71 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.