The only way is down when it comes to Tickton lease terms. Tickton properties that have a remaining term lower than 80 years will drop in market price even faster, and the cost of extending your lease will rise.
Leasehold premises in Tickton with in excess of one hundred years unexpired 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 situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you better control over the value of your Tickton leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Muhammad, started to get close to the eighty-year mark with the lease on his ground floor flat in Tickton. Having bought his home two decades ago, the unexpired term was of no significance. Fortunately, he realised he needed to take steps soon on a lease extension. Muhammad was able to extend his lease just under the wire last August. Muhammad and the landlord eventually agreed on a premium of £6,000 . If the lease had descended to less than eighty years, the figure would have gone up by at least £1,150.
Last year we were phoned by Mr Jacob Torres , who was assigned a lease of a one bedroom apartment in Tickton in February 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Tickton with a long lease were valued around £275,000. The mid-range ground rent payable was £45 collected monthly. The lease ran out in 2095. Having 69 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.
Dr R Turner acquired a basement apartment in Tickton in January 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable flats in Tickton with an extended lease were worth £216,000. The mid-range ground rent payable was £60 invoiced yearly. The lease lapsed in 2084. Given that there were 58 years left we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus expenses.