When it comes to domestic leasehold property in Topsham, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Anyone in Topsham with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has less than eighty years left, under the current statute the freeholder can calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold properties in Topsham with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest 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. |
| 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. |
| Yorkshire 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. |
Lease extensions in Topsham can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Topsham 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 Joseph, started to get close to the 80-year mark with the lease on his first floor flat in Topsham. In buying his home 18 years ago, the lease term was of little interest. Luckily, he recognised he needed to take action soon on Extending the lease. Joseph extended the lease at the eleventh hour last May. Joseph and the freeholder ultimately agreed on an amount of £6,000 . If he had missed the deadline, the price would have increased by a minimum £1,025.
Mr and Mrs. K Ramírez owned a one bedroom apartment in Topsham in July 2008. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparative properties in Topsham with an extended lease were valued about £257,800. The average amount of ground rent was £65 invoiced monthly. The lease elapsed on 2 January 2090. Taking into account 65 years remaining we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 plus professional charges.
Mr and Mrs. N Wood completed a garden flat in Topsham in October 2004. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Comparative premises in Topsham with 100 year plus lease were valued around £191,400. The mid-range amount of ground rent was £55 billed quarterly. The lease came to a finish in 2079. Having 54 years left we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including expenses.