Mousehole leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Mousehole will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some cases you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Mousehole with more than one hundred years left 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 Mousehole can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience procuring Mousehole lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Blake, started to get close to the eighty-year threshold with the lease on his first floor flat in Mousehole. In buying his home two decades ago, the unexpired term was of no significance. Fortunately, he became aware that he needed to take action soon on Extending the lease. Blake was able to extend his lease just under the wire in July. Blake and the landlord who owned the flat above eventually settled on sum of £5,500 . If he failed to meet the deadline, the figure would have gone up by a minimum £925.
In 2013 we were approached by Mr E Clarke who, having bought a one bedroom flat in Mousehole in August 1999. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar flats in Mousehole with a long lease were in the region of £255,000. The average amount of ground rent was £50 invoiced yearly. The lease expiry date was in 2095. Taking into account 70 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
In 2011 we were called by Dr U Davis who, having moved into a garden apartment in Mousehole in November 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in Mousehole with a long lease were valued about £246,800. The average ground rent payable was £60 billed monthly. The lease expired on 7 August 2075. Given that there were 50 years left we approximated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 not including expenses.