On the balance of probabilities if you own a flat in Mirfield you actually own a long leasehold interest over your property
Leasehold premises in Mirfield with more than one hundred years outstanding on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 Mirfield can be a difficult process. We recommend you secure professional help from a lawyer 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 in-depth market knowledge procuring Mirfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Mason was the the leasehold owner of a studio apartment in Mirfield on the market with a lease of just over sixty years unexpired. Mason informally spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Mason to invoke his statutory right. Mason obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
In 2011 we were contacted by Dr B Harris who, having moved into a studio flat in Mirfield in January 2000. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar flats in Mirfield with an extended lease were worth £300,000. The average ground rent payable was £50 invoiced every twelve months. The lease finished in 2101. Given that there were 76 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.
Last year we were contacted by Ms Molly Wright , who was assigned a lease of a one bedroom apartment in Mirfield in October 1999. The question was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar premises in Mirfield with a long lease were worth £252,800. The mid-range amount of ground rent was £65 collected annually. The lease termination date was in 2090. Given that there were 65 years remaining we calculated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including expenses.