The market value of Taplow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is less than 80 years
It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with procure Taplow 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 conveyancing solicitor we work with provide it.
David was the the leasehold proprietor of a high value flat in Taplow being marketed with a lease of a little over 59 years outstanding. David on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be due on a lease extension were David to invoke his statutory right. David procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
Last Summer we were phoned by Mr U Simon , who completed a purpose-built flat in Taplow in April 2009. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Identical residencies in Taplow with a long lease were in the region of £257,800. The mid-range ground rent payable was £65 collected annually. The lease came to a finish in 2091. Given that there were 65 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including fees.
In 2013 we were approached by Dr Muhammad García who, having moved into a one bedroom apartment in Taplow in October 1996. The question was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative properties in Taplow with an extended lease were in the region of £191,400. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated on 28 November 2080. Having 54 years remaining we estimated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including expenses.