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. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Irrespective of whether you are a tenant or a freeholder in Tintagel,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tintagel valuers.
In the wake of eight months of protracted negotiations with the landlord of her studio apartment in Tintagel, Amy initiated the lease extension process as the 80 year deadline was quickly nearing. The legal work was concluded in July 2008. The landlord’s fees were negotiated to a tad over 450 pounds.
Mr and Mrs. K Thomas was assigned a lease of a ground floor apartment in Tintagel in June 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Similar premises in Tintagel with an extended lease were valued about £233,200. The mid-range ground rent payable was £60 collected per annum. The lease elapsed on 17 March 2086. Having 61 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 plus expenses.
Mr Ben García acquired a one bedroom apartment in Tintagel in October 2004. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Similar residencies in Tintagel with 100 year plus lease were in the region of £166,800. The average ground rent payable was £50 invoiced annually. The lease terminated on 28 November 2075. Having 50 years remaining we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including fees.