The value of Tintagel leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is less than eighty years
Leasehold residencies in Tintagel with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify 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. |
| Godiva Mortgages | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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. |
Using our service gives you better control over the value of your Tintagel leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of protracted discussions with the landlord of her leasehold apartment in Tintagel, Yasmin started the lease extension process as the 80 year mark was rapidly approaching. The lease extension completed in January 2008. The landlord’s costs were negotiated to approximately 500 pounds.
Last July we were called by Mrs Jessica Campbell , who bought a first floor flat in Tintagel in July 2006. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Similar properties in Tintagel with an extended lease were in the region of £260,200. The mid-range amount of ground rent was £65 billed monthly. The lease ran out on 15 July 2092. Given that there were 66 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £16,200 and £18,600 not including legals.
In 2013 we were contacted by Dr U Ali who, having took over the lease of a one bedroom flat in Tintagel in July 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Tintagel with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 collected monthly. The lease ended in 2081. Having 55 years remaining we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of legals.