Taplow leases on residential properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the existing lease falls under eighty years - otherwise a higher amount will be due. Flat owners in Taplow will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are prescribed deadlines and steps to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you enhanced control over the value of your Taplow leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Evan was the the leasehold owner of a studio apartment in Taplow on the market with a lease of just over 59 years unexpired. Evan informally contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Evan to invoke his statutory right. Evan procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.
Mr and Mrs. S Mitchell purchased a garden flat in Taplow in March 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparable residencies in Taplow with 100 year plus lease were valued around £200,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease concluded in 2103. Given that there were 77 years left we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.
Mrs F Nguyen took over the lease of a one bedroom flat in Taplow in March 2012. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparative premises in Taplow with a long lease were worth £260,200. The average ground rent payable was £65 collected monthly. The lease came to a finish on 4 January 2092. Considering the 66 years left we estimated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 not including legals.