There is no doubt about it a leasehold flat or house in Tiverton is a wasting asset as a result of the shortening lease. If the lease has, in excess of one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Tiverton will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Tiverton with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Tiverton can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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 in-depth market knowledge procuring Tiverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Ryan, came dangerously near to the 80-year mark with the lease on his basement flat in Tiverton. In buying his property two decades ago, the unexpired term was of no concern. Fortunately, he realised he needed to take action soon on a lease extension. Ryan was able to extend his lease just under the wire last April. Ryan and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If the lease had dropped below 80 years, the figure would have gone up by at least £1,025.
In 2012 we were approached by Mr R Thompson who, having bought a garden apartment in Tiverton in January 2010. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative flats in Tiverton with 100 year plus lease were valued about £260,200. The mid-range ground rent payable was £65 collected yearly. The lease finished in 2091. Given that there were 66 years as a residual term we approximated the premium to the landlord for the lease extension to be within £16,200 and £18,600 not including costs.
Dr I Lefèvre took over the lease of a one bedroom flat in Tiverton in January 1998. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparable homes in Tiverton with a long lease were in the region of £198,800. The mid-range ground rent payable was £55 invoiced monthly. The lease ran out on 26 January 2080. Taking into account 55 years remaining we approximated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 plus professional charges.