The closer a domestic lease in Mirfield nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than one hundred years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner than later. Most flat owners in Mirfield will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Mirfield with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth 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 estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Mirfield can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.
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.
Aarav was the the leasehold proprietor of a high value flat in Mirfield being marketed with a lease of just over 72 years outstanding. Aarav informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Mr and Mrs. D Cooper completed a one bedroom flat in Mirfield in July 2001. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparative residencies in Mirfield with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 collected annually. The lease finished on 23 January 2104. Taking into account 79 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £7,600 and £8,800 not including costs.
Mr G Kelly bought a studio apartment in Mirfield in March 1998. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Identical properties in Mirfield with 100 year plus lease were worth £270,000. The average amount of ground rent was £65 collected every twelve months. The lease ended on 9 August 2093. Considering the 68 years left we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.