For those whose Miskin property is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.
Leasehold premises in Miskin with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Lease extensions in Miskin can be a difficult process. We recommend you secure professional help from a lawyer 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 Miskin lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Isaac, started to get close to the 80-year mark with the lease on his purpose- built apartment in Miskin. In buying his flat 18 years ago, the unexpired term was of minimal significance. Thankfully, he noticed he would soon be paying an escalated premium for a lease extension. Isaac extended the lease at the eleventh hour last April. Isaac and the landlord in the end agreed on an amount of £5,500 . If he not met the deadline, the sum would have increased by a minimum £1,100.
Mr and Mrs. F Petit purchased a one bedroom apartment in Miskin in April 2010. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative residencies in Miskin with an extended lease were valued about £267,600. The mid-range ground rent payable was £65 collected per annum. The lease end date was on 7 August 2093. Given that there were 67 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 exclusive of fees.
Last month we were approach by Mr Callum Girard , who bought a basement apartment in Miskin in March 1998. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable homes in Miskin with a long lease were in the region of £206,200. The average amount of ground rent was £60 billed per annum. The lease terminated in 2082. Taking into account 56 years outstanding we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of costs.