The value of Tadcaster leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is less than 80 years
Leasehold residencies in Tadcaster with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
The conveyancing solicitors that we work with procure Tadcaster lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Following unsuccessful correspondence with the freeholder of her studio apartment in Tadcaster, Megan started the lease extension process as the 80 year deadline was fast nearing. The transaction was concluded in October 2015. The freeholder’s fees were negotiated to slightly above 550 GBP.
Ms P Khan purchased a studio apartment in Tadcaster in April 2007. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparable flats in Tadcaster with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease ran out in 2095. Taking into account 70 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
Last Spring we were approach by Mr A Bailey , who was assigned a lease of a basement apartment in Tadcaster in August 1996. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable residencies in Tadcaster with a long lease were worth £223,400. The mid-range ground rent payable was £60 collected yearly. The lease elapsed in 2084. Having 59 years outstanding we approximated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 plus costs.