Tintagel residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Tintagel can be a difficult process. We recommend you get 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 in-depth market knowledge procuring 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 2014 Nathan, came critically close to the eighty-year mark with the lease on his ground floor flat in Tintagel. Having bought his flat two decades ago, the lease term was of little concern. by good luck, he noticed he needed to take steps soon on Extending the lease. Nathan arranged for a lease extension just under the wire last August. Nathan and the freeholder in the end agreed on a premium of £5,500 . If he had missed the deadline, the amount would have become more costly by a minimum £1,125.
Dr I Thomas acquired a one bedroom flat in Tintagel in May 2008. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Similar premises in Tintagel with an extended lease were valued about £184,000. The average ground rent payable was £55 collected quarterly. The lease ran out on 5 June 2078. Taking into account 53 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.
In 2012 we were e-mailed by Mr and Mrs. S Díaz who, having completed a garden flat in Tintagel in April 2012. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable premises in Tintagel with a long lease were in the region of £290,000. The average ground rent payable was £45 collected quarterly. The lease concluded on 20 June 2098. Considering the 73 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.