Tiverton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Tiverton tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Tiverton you should check if your lease has between 70 and 90 years left. There are good reasons why a Tiverton leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay
Leasehold residencies in Tiverton with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 Tiverton can be a difficult process. We recommend you procure 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 a wealth of experience procuring Tiverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted negotiations with the freeholder of her studio flat in Tiverton, Natasha started the lease extension process just as her lease was approaching the critical eighty-year mark. The legal work completed in August 2005. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. J Michel acquired a one bedroom apartment in Tiverton in August 1997. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative premises in Tiverton with a long lease were worth £184,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease expired in 2078. Taking into account 53 years left we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 plus professional charges.
Last Spring we were called by Dr N Mason , who purchased a basement apartment in Tiverton in July 1997. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Comparable flats in Tiverton with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 collected per annum. The lease concluded on 13 May 2098. Considering the 73 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.