Mansfield Woodhouse leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Mansfield Woodhouse enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Mansfield Woodhouse you really ought to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
Leasehold properties in Mansfield Woodhouse with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| 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. |
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Mansfield Woodhouse can be a difficult process. We recommend you get professional help from a lawyer 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 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.
After lengthy correspondence with the landlord of her purpose-built apartment in Mansfield Woodhouse, Aimee initiated the lease extension process just as her lease was approaching the crucial eighty-year mark. The lease extension was concluded in October 2014. The landlord’s costs were restricted to under 550 pounds.
Last month we were called by Dr Milo Watson , who bought a purpose-built flat in Mansfield Woodhouse in May 2003. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Comparative residencies in Mansfield Woodhouse with a long lease were valued about £220,400. The mid-range ground rent payable was £45 billed monthly. The lease expired in 2090. Given that there were 64 years remaining we approximated the premium to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of costs.
Last year we were phoned by Mrs Danielle Hernández , who completed a basement apartment in Mansfield Woodhouse in February 1995. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical residencies in Mansfield Woodhouse with an extended lease were worth £270,000. The average ground rent payable was £55 billed annually. The lease concluded in 2101. Considering the 75 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.