Torquay leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Torquay will mostly qualify for a lease extension; however a solicitor will check your eligibility. In certain cases you may not qualify. There are prescribed timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Torquay with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Torquay can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.
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 dealing with Torquay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted discussions with the landlord of her one bedroom apartment in Torquay, Rachael initiated the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in June 2014. The landlord’s costs were kept to an absolute minimum.
Dr Natalie Collins completed a basement flat in Torquay in February 1997. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable residencies in Torquay with an extended lease were valued around £264,000. The mid-range ground rent payable was £60 billed every twelve months. The lease concluded on 18 July 2079. Having 53 years outstanding we calculated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 exclusive of legals.
Last Summer we were approach by Mr and Mrs. T Rivera , who was assigned a lease of a garden apartment in Torquay in November 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar premises in Torquay with an extended lease were in the region of £220,400. The mid-range amount of ground rent was £45 billed every twelve months. The lease came to a finish in 2090. Having 64 years as a residual term we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 plus legals.