Tintagel leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Tintagel will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold residencies in Tintagel with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Tintagel can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 a wealth of experience 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.
In recent months Theo, started to get close to the eighty-year mark with the lease on his ground floor apartment in Tintagel. Having purchased his property two decades ago, the lease term was of no relevance. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Theo was able to extend his lease just ahead of time in January. Theo and the landlord subsequently agreed on sum of £6,000 . If the lease had dipped lower than 80 years, the sum would have escalated by at least £975.
Mr and Mrs. H Wright took over the lease of a one bedroom apartment in Tintagel in May 2005. The question was if we could estimate the price would be for a 90 year extension to my lease. Identical flats in Tintagel with 100 year plus lease were worth £181,600. The average amount of ground rent was £55 invoiced annually. The lease finished in 2078. Taking into account 52 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including professional charges.
Mr C Simon was assigned a lease of a studio apartment in Tintagel in April 2008. The question was if we could approximate the price would be for a 90 year lease extension. Comparative flats in Tintagel with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 collected per annum. The lease ended in 2098. Taking into account 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.