With a residential leasehold property in Moreton, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly once there are fewer than eighty years remaining. Residents in Moreton with a lease nearing 81 years remaining should seriously think of extending it sooner than later. When a lease has below 80 years remaining, under the current Act the landlord can calculate and levy a larger premium, assessed on a technical multiplication, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
Lease extensions in Moreton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 procuring Moreton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy correspondence with the landlord of her ground floor apartment in Moreton, Jessica commenced the lease extension process just as the lease was coming close to the critical eighty-year deadline. The legal work was concluded in April 2009. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. F Hall was assigned a lease of a purpose-built flat in Moreton in June 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Similar residencies in Moreton with a long lease were in the region of £260,000. The average ground rent payable was £50 invoiced every twelve months. The lease concluded in 2099. Taking into account 73 years left we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.
Last April we were phoned by Ms Bethan Girard , who took over the lease of a garden apartment in Moreton in May 2005. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar homes in Moreton with an extended lease were worth £261,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish on 2 July 2078. Taking into account 52 years unexpired we calculated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 not including expenses.