Tamworth Lease Extension - Free Consultation

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Before you progress with your lease extension in Tamworth
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Tamworth lease extension

Top reasons for lease extension now:

A Tamworth leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Tamworth you actually own a long leasehold interest over your property

Tamworth property with a lease extension has roughly the same value as a freehold

Leasehold properties in Tamworth with more than one hundred years remaining on the lease are often 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 purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not grant a mortgage on a short lease

Lending institutions have set criteria when loaning monies secured on leasehold homes. Many will simply refuse lend at all once the residual lease term falls beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are seeking to refinance your Tamworth property.

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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Tamworth lease extensions?

The lawyers that we work with undertake Tamworth 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.

Tamworth Lease Extension Case Studies:

Naomi, Tamworth, Staffordshire,

Following lengthy negotiations with the freeholder of her studio flat in Tamworth, Naomi initiated the lease extension process as the 80 year threshold was fast approaching. The lease extension was finalised in October 2014. The landlord’s fees were kept to an absolute minimum.

Tamworth case:

Ms C Pérez was assigned a lease of a basement flat in Tamworth in February 2007. We are asked if we could estimate the premium would be to extend the lease by an additional years. Identical properties in Tamworth with a long lease were worth £181,600. The average amount of ground rent was £55 collected quarterly. The lease finished on 2 February 2077. Taking into account 52 years remaining we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including costs.

Tamworth case:

Mr and Mrs. W Michel moved into a one bedroom apartment in Tamworth in March 1995. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Similar flats in Tamworth with an extended lease were valued about £290,000. The average amount of ground rent was £45 invoiced per annum. The lease concluded on 16 October 2097. Taking into account 72 years outstanding we approximated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 plus professional charges.