Tadley leases on residential properties are gradually losing value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher premium will be due. Flat owners in Tadley will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are also strict timetables and steps to comply with once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
The conveyancing solicitors that we work with handle Tadley 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 conveyancer we work with provide it.
In recent months Joshua, started to get near to the 80-year threshold with the lease on his studio flat in Tadley. In buying his property two decades ago, the unexpired term was of minimal bearing. Luckily, he noticed he would soon be paying way over the odds for a lease extension. Joshua extended the lease just in the nick of time last July. Joshua and the landlord in the end settled on the final figure of £5,000 . If the lease had fallen to less than 80 years, the sum would have become more costly by at least £1,100.
In 2013 we were e-mailed by Mr and Mrs. M Watson who, having was assigned a lease of a garden flat in Tadley in February 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Similar homes in Tadley with a long lease were worth £186,000. The mid-range ground rent payable was £65 billed quarterly. The lease ended on 3 March 2084. Taking into account 58 years left we calculated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 plus professional charges.
In 2010 we were contacted by Mr and Mrs. D Jackson who, having owned a recently refurbished apartment in Tadley in July 2001. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical flats in Tadley with 100 year plus lease were valued around £250,000. The mid-range ground rent payable was £50 billed yearly. The lease ended in 2095. Taking into account 69 years remaining we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.