The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Mirfield have the right to extend the lease for an additional ninety years in accordance with statute. Do think carefully before delaying your Mirfield lease extension. Postponing the costs now simply increases the amount you will eventually be required to pay to extend the lease.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent 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 |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Mirfield can be a difficult process. We recommend you get professional help from a conveyancer 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 in-depth market knowledge dealing with Mirfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Henry owned a high value apartment in Mirfield on the market with a lease of just over fifty eight years remaining. Henry informally approached his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be due on a lease extension were Henry to exercise his statutory right. Henry procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.
In 2009 we were called by Mr Aiden García who, having moved into a basement flat in Mirfield in July 2006. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in Mirfield with an extended lease were worth £208,600. The average amount of ground rent was £60 billed yearly. The lease ended on 17 October 2083. Having 57 years remaining we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.
Mr Sebastian Martínez acquired a ground floor flat in Mirfield in November 1997. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical flats in Mirfield with 100 year plus lease were valued around £200,000. The mid-range ground rent payable was £50 collected yearly. The lease elapsed in 2103. Having 77 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.