Tintagel leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Tintagel residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Tintagel you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Tintagel flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Tintagel can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Tintagel lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Harrison, came seriously near to the eighty-year threshold with the lease on his one bedroom apartment in Tintagel. In buying his flat two decades ago, the lease term was of little interest. Fortunately, he recognised he would imminently be paying way over the odds for a lease extension. Harrison was able to extend his lease just under the wire last August. Harrison and the freeholder in the end agreed on the final figure of £5,500 . If the lease had descended to less than 80 years, the figure would have become more exhorbitant by at least £1,025.
In 2014 we were called by Dr O Bonnet who, having was assigned a lease of a garden flat in Tintagel in February 1997. We are asked if we could approximate the premium could be for a 90 year lease extension. Similar properties in Tintagel with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 billed annually. The lease came to a finish in 2097. Given that there were 71 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.
Last Christmas we were phoned by Mr Lucas Green , who completed a newly refurbished apartment in Tintagel in March 2010. The question was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative homes in Tintagel with a long lease were worth £225,800. The average ground rent payable was £60 invoiced yearly. The lease lapsed in 2086. Considering the 60 years remaining we approximated the premium to the freeholder for the lease extension to be within £25,700 and £29,600 not including expenses.