The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Tadcaster can extend the lease for a further 90 years in accordance with legislation. Do think carefully before delaying your Tadcaster lease extension. Shelving that expense now simply escalates the price you will ultimately have to pay to extend the lease.
Leasehold properties in Tadcaster with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Tadcaster can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 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 the wake of 6 months of protracted negotiations with the freeholder of her one bedroom flat in Tadcaster, Olivia commenced the lease extension process as the eighty year deadline was rapidly advancing. The lease extension was finalised in February 2008. The landlord’s costs were restricted to about 450 pounds.
Last Winter we were called by Ms Isabelle Moore , who took over the lease of a one bedroom flat in Tadcaster in August 2005. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable flats in Tadcaster with a long lease were valued about £216,000. The average amount of ground rent was £60 invoiced annually. The lease came to a finish in 2083. Given that there were 58 years left we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.
Dr Chelsea Ali completed a studio flat in Tadcaster in February 1998. The question was if we could approximate the price could be to extend the lease by ninety years. Similar properties in Tadcaster with a long lease were valued around £200,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish in 2103. Considering the 78 years remaining we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.