The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Mirfield have the right to extend the lease for an additional ninety years under statute. Do think carefully before delaying your Mirfield lease extension. Putting off the costs today simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold premises in Mirfield with in excess of one hundred years outstanding on the lease are sometimes 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 purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
Engaging our service gives you better control over the value of your Mirfield leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of lengthy correspondence with the landlord of her one bedroom flat in Mirfield, Kate commenced the lease extension process just as her lease was coming close to the critical 80-year threshold. The lease extension was concluded in March 2015. The freeholder’s charges were kept to an absolute minimum.
Mr and Mrs. S King was assigned a lease of a garden flat in Mirfield in January 2012. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical residencies in Mirfield with an extended lease were worth £243,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ran out in 2088. Considering the 63 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 exclusive of legals.
Mr and Mrs. M Johnson took over the lease of a studio apartment in Mirfield in April 1995. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable flats in Mirfield with a long lease were worth £181,600. The average amount of ground rent was £55 billed quarterly. The lease terminated on 16 June 2077. Taking into account 52 years left we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus professional charges.