Torrington leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Torrington will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Torrington,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Torrington valuers.
Following lengthy negotiations with the landlord of her leasehold flat in Torrington, Freya commenced the lease extension process as the 80 year deadline was swiftly advancing. The legal work was finalised in March 2007. The freeholder’s charges were restricted to less than 700 GBP.
Mr Finn Gray was assigned a lease of a garden apartment in Torrington in October 2010. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Similar premises in Torrington with a long lease were in the region of £290,000. The mid-range amount of ground rent was £60 invoiced yearly. The lease lapsed in 2105. Considering the 80 years unexpired we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.
Dr P Cox acquired a garden flat in Torrington in September 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Identical residencies in Torrington with a long lease were in the region of £200,800. The average ground rent payable was £65 billed per annum. The lease terminated in 2085. Considering the 60 years remaining we estimated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 not including legals.