Mere leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for 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 current lease drops under eighty years - otherwise a higher amount will be payable. Leasehold owners in Mere will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Mere can be a difficult process. We recommend you obtain 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 procuring Mere lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Ollie, came precariously near to the eighty-year mark with the lease on his leasehold flat in Mere. In buying his home two decades ago, the length of the lease was of minimal significance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Ollie extended the lease at the eleventh hour in September. Ollie and the freeholder via the management company eventually settled on a premium of £5,500 . If the lease had fallen below 80 years, the sum would have escalated by at least £1,125.
Mrs F Dupont was assigned a lease of a ground floor apartment in Mere in March 1998. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical residencies in Mere with a long lease were valued about £171,800. The mid-range ground rent payable was £55 collected every twelve months. The lease came to a finish in 2076. Taking into account 50 years left we approximated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus professional charges.
Mr and Mrs. T Stewart purchased a ground floor apartment in Mere in July 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Similar premises in Mere with an extended lease were worth £280,000. The average ground rent payable was £45 invoiced yearly. The lease finished on 23 November 2096. Given that there were 70 years left we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.