Tunstall leases on domestic deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Tunstall will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Tunstall 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society |
Using our service will provide you increased control over the value of your Tunstall leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted negotiations with the freeholder of her garden apartment in Tunstall, Charlotte commenced the lease extension process just as the lease was coming close to the all-important 80-year deadline. The legal work completed in November 2013. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were phoned by Mr P Davies who, having took over the lease of a one bedroom flat in Tunstall in January 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Tunstall with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 billed every twelve months. The lease finished on 5 May 2105. Taking into account 79 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.
In 2012 we were approached by Dr O Gunderson who, having acquired a first floor flat in Tunstall in November 2005. The dilemma was if we could estimate the price would be to extend the lease by a further 90 years. Comparative flats in Tunstall with an extended lease were valued about £275,000. The average amount of ground rent was £65 billed quarterly. The lease came to a finish on 11 July 2094. Taking into account 68 years unexpired we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.