Royal Tunbridge Wells leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Royal Tunbridge Wells tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Royal Tunbridge Wells you must investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Royal Tunbridge Wells can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Royal Tunbridge Wells lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Freddie, started to get close to the eighty-year mark with the lease on his first floor apartment in Royal Tunbridge Wells. In buying his home 18 years previously, the lease term was of little bearing. As luck would have it, he noticed he would imminently be paying an escalated premium for a lease extension. Freddie extended the lease at the eleventh hour last June. Freddie and the landlord who owned the flat above in the end agreed on an amount of £5,500 . If he had missed the deadline, the sum would have escalated by at least £850.
In 2010 we were phoned by Mrs H Walker who, having was assigned a lease of a studio flat in Royal Tunbridge Wells in January 2000. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative homes in Royal Tunbridge Wells with a long lease were valued around £200,000. The average ground rent payable was £50 invoiced annually. The lease terminated on 14 October 2103. Having 77 years outstanding we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.
In 2011 we were phoned by Mrs Grace Fournier who, having owned a first floor apartment in Royal Tunbridge Wells in June 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparable homes in Royal Tunbridge Wells with 100 year plus lease were worth £260,200. The mid-range amount of ground rent was £65 invoiced yearly. The lease finished on 13 March 2092. Taking into account 66 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of legals.