Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Taplow. Inevitably, the period of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Qualifying leaseholders in Taplow have the right to extend the lease for an additional 90 years in accordance with legislation. Do give due deliberation before putting off your Taplow lease extension. Holding off the cost now simply increases the price you will ultimately incur to extend your lease
Leasehold properties in Taplow with more than one hundred years outstanding 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Taplow can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 a wealth of experience dealing with Taplow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted discussions with the landlord of her ground floor apartment in Taplow, Catherine initiated the lease extension process just as her lease was coming close to the critical eighty-year threshold. The lease extension was concluded in August 2013. The freeholder’s costs were kept to an absolute minimum.
Last Christmas we were approach by Mr and Mrs. R Baker , who bought a newly refurbished flat in Taplow in October 2005. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Comparative flats in Taplow with an extended lease were in the region of £218,400. The average amount of ground rent was £60 billed monthly. The lease end date was on 6 March 2084. Considering the 59 years remaining we estimated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including professional charges.
In 2009 we were contacted by Mr and Mrs. U Mason who, having was assigned a lease of a one bedroom apartment in Taplow in February 1996. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Taplow with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 billed monthly. The lease concluded on 7 June 2104. Given that there were 79 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.