Mansfield Woodhouse leases on residential deteriorating in value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Mansfield Woodhouse will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In some situations you may not qualify. There are prescribed timetables and procedures to follow once the process has started so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| 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. |
Lease extensions in Mansfield Woodhouse can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.
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 Mansfield Woodhouse lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Callum was the the leasehold owner of a conversion apartment in Mansfield Woodhouse on the market with a lease of a few days over fifty eight years remaining. Callum on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Callum to exercise his statutory right. Callum procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Last year we were phoned by Mr P Allen , who moved into a first floor flat in Mansfield Woodhouse in February 2006. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparative properties in Mansfield Woodhouse with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease came to a finish in 2102. Considering the 76 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
Mrs S Nguyen purchased a one bedroom flat in Mansfield Woodhouse in April 2011. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparative homes in Mansfield Woodhouse with an extended lease were worth £176,200. The average ground rent payable was £65 billed monthly. The lease lapsed in 2082. Taking into account 56 years unexpired we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 not including fees.