Mirfield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Mirfield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Mirfield you must see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Mirfield 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 a wealth of experience dealing with Mirfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth owned a studio apartment in Mirfield being marketed with a lease of fraction over sixty years outstanding. Seth on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Seth to exercise his statutory right. Seth obtained expert advice and was able to make an informed judgement and handle with the matter and sell the property.
In 2012 we were phoned by Ms K Clarke who, having acquired a studio apartment in Mirfield in August 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable flats in Mirfield with an extended lease were worth £295,000. The average amount of ground rent was £45 billed quarterly. The lease lapsed on 22 January 2100. Taking into account 74 years unexpired we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus professional charges.
In 2011 we were contacted by Dr Nathan Williams who, having took over the lease of a garden flat in Mirfield in September 2007. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable properties in Mirfield with 100 year plus lease were valued around £243,000. The mid-range amount of ground rent was £65 collected yearly. The lease concluded in 2089. Having 63 years remaining we calculated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of expenses.