Tenbury Wells leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Flat owners in Tenbury Wells will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not be entitled. There are prescribed timetables and formalities to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Tenbury Wells with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Tenbury Wells can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Tenbury Wells lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin owned a 2 bedroom flat in Tenbury Wells on the market with a lease of a little over 72 years outstanding. Benjamin informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Benjamin to exercise his statutory right. Benjamin obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.
Mrs Isobel Kelly owned a one bedroom apartment in Tenbury Wells in August 1996. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Identical homes in Tenbury Wells with 100 year plus lease were worth £265,000. The mid-range amount of ground rent was £55 billed annually. The lease ran out on 5 November 2100. Having 74 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.
In 2014 we were phoned by Dr G Lefebvre who, having acquired a studio flat in Tenbury Wells in April 2001. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Comparable premises in Tenbury Wells with an extended lease were in the region of £166,400. The average amount of ground rent was £60 billed quarterly. The lease ended in 2080. Considering the 54 years left we approximated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus expenses.