The only way is down when it comes to Tickhill lease terms. Tickhill properties that have a remaining term less than than 80 years will reduce in value even faster, and the cost to extend your lease will go up.
Leasehold premises in Tickhill with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Regardless of whether you are a tenant or a landlord in Tickhill,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Tickhill valuers.
Tyler owned a studio apartment in Tickhill on the market with a lease of a little over 61 years left. Tyler on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Tyler to invoke his statutory right. Tyler procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Last Autumn we were called by Dr Sebastian Bennett , who completed a one bedroom flat in Tickhill in October 2007. We are asked if we could approximate the price could be to extend the lease by an additional years. Similar residencies in Tickhill with 100 year plus lease were valued around £275,000. The average amount of ground rent was £65 collected annually. The lease termination date was in 2094. Considering the 68 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.
Last Christmas we were contacted by Mrs S Phillips , who bought a basement apartment in Tickhill in January 1997. The dilemma was if we could estimate the premium would be to prolong the lease by 90 years. Comparable residencies in Tickhill with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 collected quarterly. The lease came to a finish on 15 May 2083. Given that there were 57 years remaining we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 plus legals.