As the length of the unexpired term of a Moreton residential lease decreases so does its value and therefore the value of your property. Where the lease has, over 100 years to run then this decrease may be fractional that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending without delay. The majority of flat owners in Moreton will meet the qualifying criteria; however a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Moreton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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.
Last October Seth, came precariously close to the eighty-year threshold with the lease on his first floor apartment in Moreton. In buying his home two decades ago, the length of the lease was of little bearing. Thankfully, he recognised he needed to take steps soon on a lease extension. Seth arranged for a lease extension just in the nick of time last January. Seth and the landlord ultimately settled on sum of £5,000 . If he failed to meet the deadline, the premium would have gone up by at least £1,075.
Mr Luca Sánchez took over the lease of a purpose-built apartment in Moreton in April 2004. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical homes in Moreton with a long lease were in the region of £254,200. The mid-range ground rent payable was £60 billed yearly. The lease end date was in 2077. Given that there were 51 years left we approximated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of professional charges.
In 2010 we were approached by Mrs V Smith who, having took over the lease of a studio apartment in Moreton in July 2008. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparable premises in Moreton with an extended lease were in the region of £215,600. The mid-range ground rent payable was £45 billed quarterly. The lease came to a finish in 2088. Given that there were 62 years remaining we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.