Tadcaster leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Tadcaster tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Tadcaster you must investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Tadcaster flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Tadcaster can be a difficult process. We recommend you obtain guidance from a conveyancer 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 in-depth market knowledge dealing with Tadcaster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Harvey, started to get near to the 80-year mark with the lease on his garden flat in Tadcaster. Having purchased his flat two decades ago, the length of the lease was of no significance. by good luck, he noticed he needed to take steps soon on Extending the lease. Harvey extended the lease at the eleventh hour last September. Harvey and the freeholder via the management company eventually agreed on a premium of £5,500 . If he had missed the deadline, the price would have escalated by a minimum £900.
In 2010 we were e-mailed by Dr C Simon who, having was assigned a lease of a first floor flat in Tadcaster in September 2005. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Identical properties in Tadcaster with an extended lease were worth £206,200. The average ground rent payable was £55 invoiced yearly. The lease end date was on 3 October 2082. Having 56 years left we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus costs.
In 2011 we were contacted by Dr T Ramírez who, having moved into a ground floor flat in Tadcaster in May 2006. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Identical flats in Tadcaster with a long lease were in the region of £300,000. The average amount of ground rent was £50 collected monthly. The lease elapsed on 13 July 2102. Given that there were 76 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.