Matlock leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease drops below 80 years - otherwise a higher amount will be payable. Flat owners in Matlock will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Matlock with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Halifax | 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 Matlock can be a difficult process. We recommend you obtain 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 in-depth market knowledge procuring Matlock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her one bedroom flat in Matlock, Aimee started the lease extension process as the 80 year mark was rapidly advancing. The lease extension completed in January 2005. The landlord’s fees were restricted to a tad over 500 GBP.
Mrs Katie Ward completed a garden apartment in Matlock in January 2012. The question was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar homes in Matlock with an extended lease were worth £196,400. The average ground rent payable was £55 collected annually. The lease expired in 2079. Considering the 54 years unexpired we estimated the compensation to the landlord to extend the lease to be within £35,200 and £40,600 exclusive of legals.
Last Christmas we were e-mailed by Dr Tia Norbert , who completed a studio apartment in Matlock in February 2009. The dilemma was if we could approximate the price could be to prolong the lease by ninety years. Similar residencies in Matlock with an extended lease were valued around £295,000. The average amount of ground rent was £45 collected every twelve months. The lease came to a finish in 2099. Taking into account 74 years outstanding we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.