On the balance of probabilities if you own a flat in Tadley you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Tadley can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.
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 Tadley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Edward, came very near to the 80-year mark with the lease on his garden apartment in Tadley. In buying his home two decades ago, the unexpired term was of little concern. As luck would have it, it dawned on him that he would soon be paying way over the odds for a lease extension. Edward arranged for a lease extension at the eleventh hour in July. Edward and the freeholder via the management company eventually agreed on an amount of £6,000 . If the lease had dipped lower than 80 years, the sum would have increased by a minimum £1,000.
In 2010 we were e-mailed by Mr and Mrs. T Peterson who, having took over the lease of a garden flat in Tadley in January 1997. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparative flats in Tadley with an extended lease were worth £245,000. The average ground rent payable was £50 collected quarterly. The lease termination date was in 2093. Given that there were 68 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Last Winter we were phoned by Ms Erin Nguyen , who bought a purpose-built apartment in Tadley in August 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Tadley with an extended lease were worth £285,000. The mid-range ground rent payable was £55 invoiced annually. The lease terminated in 2104. Given that there were 79 years unexpired we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.