On the balance of probabilities if you own a flat in Taplow you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| 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. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Taplow,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Taplow valuers.
Alexander owned a conversion flat in Taplow being marketed with a lease of a little over 72 years outstanding. Alexander informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Alexander to exercise his statutory right. Alexander procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.
Dr Madeleine Morgan moved into a studio flat in Taplow in July 1998. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative homes in Taplow with a long lease were in the region of £243,000. The average amount of ground rent was £65 invoiced per annum. The lease concluded in 2088. Taking into account 63 years remaining we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus expenses.
Last Spring we were called by Mr and Mrs. W Garcia , who owned a ground floor apartment in Taplow in April 2001. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar flats in Taplow with 100 year plus lease were valued around £181,600. The average ground rent payable was £55 invoiced per annum. The lease elapsed on 1 September 2077. Given that there were 52 years unexpired we calculated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus professional charges.