When it comes to residential leasehold property in Taplow, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than eighty years left. Leasehold owners in Taplow with a lease drawing near to 81 years left should seriously consider extending it sooner rather than later. When a lease has under 80 years remaining, under the relevant statute the freeholder can calculate and charge a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Retaining our service gives you increased control over the value of your Taplow leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Lewis was the the leasehold proprietor of a conversion apartment in Taplow being marketed with a lease of fraction over 59 years unexpired. Lewis informally approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Lewis to exercise his statutory right. Lewis obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Last month we were approach by Dr F Thomas , who took over the lease of a one bedroom apartment in Taplow in March 2003. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Identical residencies in Taplow with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 collected annually. The lease ended in 2096. Having 70 years left we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.
In 2011 we were e-mailed by Ms E Adams who, having purchased a ground floor apartment in Taplow in February 2008. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Taplow with 100 year plus lease were worth £223,400. The mid-range ground rent payable was £60 invoiced yearly. The lease expired in 2085. Considering the 59 years left we calculated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including fees.