The market value of a leasehold property in Miles Platting depends on how many years the lease has remaining. If it is near to or fewer than 80 years you should foresee problems on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. It is ideal to start the lease extension process when the lease still has 82 years to run so that formalities can be concluded prior to the 80 year cut off point. Leasehold Reform legislation entitles Miles Platting qualifying lessees to an additional term of ninety years over and above the existing term, at a notional rent (no ground rent). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold premises in Miles Platting with over 100 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 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 |
|---|---|
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Miles Platting can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 in-depth market knowledge procuring Miles Platting lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Harrison, came precariously close to the eighty-year mark with the lease on his one bedroom flat in Miles Platting. Having bought his home two decades ago, the lease term was of no importance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Harrison extended the lease at the eleventh hour in August. Harrison and the freeholder via the managing agents ultimately agreed on the final figure of £5,000 . If the lease had fallen to less than eighty years, the sum would have increased by a minimum £925.
In 2010 we were e-mailed by Dr Callum Díaz who, having was assigned a lease of a studio flat in Miles Platting in July 1996. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparable homes in Miles Platting with an extended lease were in the region of £265,000. The average ground rent payable was £50 collected annually. The lease finished in 2099. Having 74 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.
In 2014 we were phoned by Dr Hugo Davies who, having owned a studio flat in Miles Platting in November 1999. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Comparative flats in Miles Platting with a long lease were valued about £166,400. The average ground rent payable was £60 invoiced per annum. The lease lapsed in 2079. Considering the 54 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 not including fees.