On the balance of probabilities if you own a flat in Tunbridge Wells you actually own a long leasehold interest over your property
Leasehold residencies in Tunbridge Wells with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start 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 Tunbridge Wells can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 a wealth of experience dealing with Tunbridge Wells lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the freeholder of her ground floor flat in Tunbridge Wells, Tia initiated the lease extension process just as the lease was nearing the crucial eighty-year mark. The lease extension was finalised in June 2009. The landlord’s charges were negotiated to a tad over 500 pounds.
Last year we were called by Dr Charlie François , who owned a one bedroom apartment in Tunbridge Wells in July 1995. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparable homes in Tunbridge Wells with an extended lease were worth £240,600. The average amount of ground rent was £65 billed per annum. The lease elapsed in 2087. Given that there were 62 years remaining we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of costs.
In 2014 we were e-mailed by Dr Y Campbell who, having bought a one bedroom flat in Tunbridge Wells in September 2010. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative homes in Tunbridge Wells with an extended lease were worth £179,200. The average ground rent payable was £55 invoiced per annum. The lease finished in 2076. Given that there were 51 years remaining we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including fees.