Mickleover leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Mickleover residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Mickleover you should check if your lease has between seventy and ninety years left. There are good reasons why a Mickleover leaseholder with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| The Mortgage Works | |
| Virgin |
Retaining our service will provide you increased control over the value of your Mickleover leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Freddie, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Mickleover. Having purchased his home two decades ago, the unexpired term was of no importance. Luckily, he realised he needed to take action soon on Extending the lease. Freddie extended the lease just under the wire last January. Freddie and the freeholder ultimately agreed on an amount of £6,000 . If he had missed the deadline, the amount would have gone up by a minimum £850.
Mr and Mrs. B Bennett owned a basement flat in Mickleover in February 2000. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable residencies in Mickleover with 100 year plus lease were valued about £295,000. The mid-range ground rent payable was £45 invoiced annually. The lease ended on 21 November 2100. Considering the 74 years remaining we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.
Mr and Mrs. B David bought a one bedroom flat in Mickleover in March 2010. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparative flats in Mickleover with a long lease were valued around £243,000. The mid-range amount of ground rent was £65 billed annually. The lease terminated on 6 April 2089. Having 63 years unexpired we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of professional charges.