Tadley leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Tadley will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not qualify. There are also strict timetables and steps to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Tadley can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge 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.
During the course of the last few months Liam, came seriously close to the eighty-year mark with the lease on his basement flat in Tadley. In buying his property 18 years ago, the lease term was of little bearing. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Liam extended the lease at the eleventh hour in June. Liam and the freeholder ultimately settled on sum of £6,000 . If he failed to meet the deadline, the figure would have escalated by at least £1,100.
In 2009 we were contacted by Ms Alice Ali who, having completed a purpose-built apartment in Tadley in February 2000. We are asked if we could estimate the premium could be for a ninety year lease extension. Identical residencies in Tadley with a long lease were valued around £254,200. The mid-range ground rent payable was £60 billed yearly. The lease lapsed on 7 March 2077. Taking into account 51 years unexpired we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 plus professional charges.
Mr Kai Hernández moved into a one bedroom apartment in Tadley in January 1997. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Comparative premises in Tadley with an extended lease were in the region of £210,600. The average amount of ground rent was £45 collected per annum. The lease ran out on 15 July 2088. Having 62 years outstanding we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of costs.