The market value of Tintagel leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is below than eighty years
It is generally considered that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Tintagel can be a difficult process. We recommend you obtain professional help from a lawyer 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 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.
During the course of the last few months David, started to get close to the 80-year mark with the lease on his purpose- built apartment in Tintagel. In buying his home twenty years previously, the length of the lease was of minimal relevance. As luck would have it, it dawned on him that he would soon be paying an escalated premium for a lease extension. David arranged for a lease extension just under the wire in April. David and the landlord eventually settled on sum of £5,500 . If he had missed the deadline, the amount would have escalated by at least £850.
Mr Reuben Lefèvre bought a newly refurbished apartment in Tintagel in March 2002. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Comparative homes in Tintagel with 100 year plus lease were valued around £205,000. The average amount of ground rent was £50 invoiced monthly. The lease finished on 7 July 2105. Having 79 years remaining we approximated the compensation to the landlord to extend the lease to be within £7,600 and £8,800 exclusive of professional charges.
Mrs H Ali purchased a one bedroom apartment in Tintagel in August 2003. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparable premises in Tintagel with an extended lease were worth £275,000. The mid-range ground rent payable was £65 collected every twelve months. The lease end date was on 2 May 2094. Taking into account 68 years left we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.