Tickton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Tickton tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Tickton you should check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Tickton leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Using our service gives you increased control over the value of your Tickton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted correspondence with the landlord of her studio flat in Tickton, Rebecca commenced the lease extension process as the eighty year deadline was swiftly coming. The lease extension completed in September 2010. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. P García acquired a recently refurbished apartment in Tickton in October 1997. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable homes in Tickton with a long lease were in the region of £235,600. The mid-range ground rent payable was £60 collected yearly. The lease expired in 2087. Having 62 years as a residual term we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including costs.
In 2010 we were called by Mr and Mrs. I Laurent who, having acquired a first floor flat in Tickton in February 2011. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical flats in Tickton with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 billed monthly. The lease came to a finish in 2076. Given that there were 51 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including expenses.