As the length of the unexpired term of a Tintagel domestic lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner as opposed to later. The majority of flat owners in Tintagel will qualify for this right; however a conveyancing solicitor should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Engaging our service will provide you enhanced control over the value of your Tintagel leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
James owned a high value flat in Tintagel being sold with a lease of fraction over sixty years left. James on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were James to exercise his statutory right. James procured expert legal guidance and secured satisfactory deal informally and sell the flat.
Mr and Mrs. W Mason took over the lease of a recently refurbished flat in Tintagel in July 1998. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Tintagel with a long lease were in the region of £233,200. The average amount of ground rent was £60 collected per annum. The lease lapsed in 2086. Taking into account 61 years left we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of professional charges.
Mr and Mrs. I Leroy bought a one bedroom flat in Tintagel in August 2004. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable flats in Tintagel with a long lease were valued about £166,800. The mid-range ground rent payable was £50 billed per annum. The lease termination date was on 26 January 2075. Having 50 years left we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus expenses.