Unfortunately that a Miles Platting residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Miles Platting property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term falls under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Miles Platting will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.
Leasehold premises in Miles Platting with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Miles Platting can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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 a wealth of experience dealing with 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.
Trailing protracted negotiations with the landlord of her one bedroom flat in Miles Platting, Sian initiated the lease extension process as the eighty year mark was swiftly nearing. The transaction was concluded in February 2012. The landlord’s fees were restricted to slightly above five hundred GBP.
Last Spring we were e-mailed by Mr and Mrs. B Roux , who bought a basement flat in Miles Platting in April 1996. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Comparable premises in Miles Platting with 100 year plus lease were valued about £237,600. The average amount of ground rent was £45 collected quarterly. The lease lapsed on 22 November 2093. Having 67 years left we estimated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 not including costs.
Last Autumn we were phoned by Mr U González , who acquired a one bedroom apartment in Miles Platting in July 2010. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparable homes in Miles Platting with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease finished on 12 May 2104. Taking into account 78 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including professional charges.