Chances are that where you own a flat in Melton Mowbray you actually own a long leasehold interest over your property
Leasehold residencies in Melton Mowbray with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Melton Mowbray can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 dealing with Melton Mowbray lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Callum owned a 2 bedroom flat in Melton Mowbray on the market with a lease of just over 72 years unexpired. Callum on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Callum to invoke his statutory right. Callum obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
In 2012 we were contacted by Mr G Harris who, having took over the lease of a first floor apartment in Melton Mowbray in January 1999. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Melton Mowbray with 100 year plus lease were valued about £233,200. The mid-range amount of ground rent was £60 collected quarterly. The lease came to a finish in 2087. Having 61 years remaining we estimated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 not including legals.
Mrs Y Lewis purchased a first floor apartment in Melton Mowbray in August 2003. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical premises in Melton Mowbray with a long lease were in the region of £171,800. The average amount of ground rent was £55 invoiced annually. The lease ran out on 15 August 2076. Considering the 50 years left we approximated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 plus fees.