The closer a residential lease in Taplow gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 99 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending without delay. Many flat owners in Taplow will meet the qualifying criteria; however a lawyer will be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Yorkshire Building Society |
Using our service gives you enhanced control over the value of your Taplow leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Blake owned a conversion flat in Taplow on the market with a lease of a few days over fifty eight years outstanding. Blake informally contacted his landlord being a well known local-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 on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Blake to invoke his statutory right. Blake obtained expert advice and was able to make an informed decision and deal with the matter and readily saleable.
Last Christmas we were e-mailed by Ms Gemma Baker , who moved into a first floor flat in Taplow in October 2011. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical flats in Taplow with a long lease were valued around £174,200. The mid-range amount of ground rent was £55 billed quarterly. The lease ended on 24 June 2077. Considering the 51 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus legals.
In 2012 we were contacted by Mr and Mrs. G Rodríguez who, having acquired a ground floor flat in Taplow in August 2006. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar flats in Taplow with a long lease were worth £285,000. The average amount of ground rent was £45 billed annually. The lease concluded on 8 May 2097. Taking into account 71 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.