The market value of Mexborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than eighty years
Leasehold premises in Mexborough with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Mexborough can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in this area.
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 Mexborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Matthew, started to get close to the 80-year mark with the lease on his ground floor flat in Mexborough. Having bought his flat twenty years ago, the unexpired term was of little relevance. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Matthew arranged for a lease extension just in the nick of time in April. Matthew and the landlord who owned the flat above subsequently agreed on sum of £5,500 . If he not met the deadline, the price would have escalated by at least £1,000.
Dr K Parker was assigned a lease of a ground floor apartment in Mexborough in April 2003. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical premises in Mexborough with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £45 collected quarterly. The lease elapsed in 2094. Given that there were 69 years outstanding we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.
Last March we were e-mailed by Dr Ella Thompson , who took over the lease of a recently refurbished apartment in Mexborough in May 2012. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar flats in Mexborough with 100 year plus lease were valued about £216,000. The average amount of ground rent was £60 billed quarterly. The lease finished on 3 April 2083. Considering the 58 years unexpired we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.