Tidworth leases on residential properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Tidworth will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain cases you may not qualify. There are also strict deadlines and procedures to follow once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Tidworth with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Tidworth can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 Tidworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Harry, came dangerously close to the eighty-year threshold with the lease on his leasehold flat in Tidworth. Having purchased his property two decades ago, the length of the lease was of minimal relevance. Luckily, he noticed he needed to take action soon on Extending the lease. Harry extended the lease at the eleventh hour last August. Harry and the freeholder subsequently agreed on sum of £5,500 . If the lease had gone below 80 years, the premium would have become more costly by a minimum £975.
Dr Sian Sánchez acquired a first floor flat in Tidworth in July 1998. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable premises in Tidworth with a long lease were in the region of £270,000. The average ground rent payable was £55 collected yearly. The lease came to a finish on 13 October 2101. Taking into account 75 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
In 2010 we were contacted by Mr and Mrs. W Taylor who, having took over the lease of a purpose-built flat in Tidworth in May 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Tidworth with an extended lease were in the region of £173,800. The mid-range amount of ground rent was £65 collected annually. The lease ran out on 21 April 2081. Considering the 55 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of costs.