Tunbridge Wells leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Tunbridge Wells tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Tunbridge Wells you would be well advised to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Tunbridge Wells flat owner with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Tunbridge Wells,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Tunbridge Wells valuers.
Lucas was the the leasehold owner of a studio flat in Tunbridge Wells being sold with a lease of a little over 72 years outstanding. Lucas informally contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.
Mr and Mrs. N Watson owned a one bedroom flat in Tunbridge Wells in February 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Tunbridge Wells with an extended lease were worth £270,000. The mid-range amount of ground rent was £65 billed monthly. The lease ran out in 2094. Considering the 68 years remaining we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.
Dr Lydia Girard completed a basement flat in Tunbridge Wells in April 2004. The question was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable properties in Tunbridge Wells with 100 year plus lease were worth £208,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease lapsed on 22 October 2083. Given that there were 57 years left we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.