The re-sale value of a leasehold property in Mawsley depends on how long the lease has remaining. If it is close to or fewer than 80 years you should anticipate problems on re-sale, so it is recommended to arrange for the lease to be extended prior to purchasing. It is ideal to start the process of extending the lease is when the lease still has 82 years remaining so that a lease extension can be finalised in advance of the 80 year cut off point. Current legislation entitles Mawsley qualifying lessees to an additional term of 90 years in addition to the existing term, at a nominal rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold properties in Mawsley with in excess of one hundred years unexpired 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 property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society |
Regardless of whether you are a tenant or a freeholder in Mawsley,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mawsley valuers.
Subsequent to protracted negotiations with the landlord of her first floor flat in Mawsley, Elizabeth started the lease extension process just as her lease was nearing the all-important 80-year deadline. The transaction completed in August 2015. The freeholder’s costs were negotiated to under 450 pounds.
Last Summer we were called by Mrs Y François , who purchased a ground floor flat in Mawsley in June 2010. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparative residencies in Mawsley with a long lease were worth £181,600. The mid-range ground rent payable was £55 collected annually. The lease ended on 14 July 2078. Taking into account 52 years left we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including legals.
Mr and Mrs. E Carter was assigned a lease of a ground floor apartment in Mawsley in November 1999. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable residencies in Mawsley with a long lease were in the region of £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease terminated on 12 October 2098. Taking into account 72 years left we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.