Chances are that where you own a flat in Torpoint you actually own a long leasehold interest over your property
It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Halifax | |
| Skipton Building Society | |
| TSB |
Regardless of whether you are a tenant or a landlord in Torpoint,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Torpoint valuers.
In 2014 Owen, started to get close to the 80-year threshold with the lease on his ground floor flat in Torpoint. Having purchased his flat two decades ago, the lease term was of minimal relevance. Fortunately, he realised he would soon be paying an inflated amount for Extending the lease. Owen extended the lease just under the wire in September. Owen and the freeholder in the end agreed on the final figure of £5,500 . If he not met the deadline, the amount would have increased by a minimum £1,125.
In 2011 we were approached by Ms U López who, having acquired a first floor apartment in Torpoint in April 2007. The question was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparable flats in Torpoint with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected quarterly. The lease ended in 2103. Taking into account 77 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.
Last month we were called by Dr Anna Miller , who completed a one bedroom apartment in Torpoint in February 2003. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Identical residencies in Torpoint with a long lease were worth £260,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease ran out in 2092. Given that there were 66 years left we calculated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 not including legals.