Mobberley leases on residential deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Mobberley will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Mobberley with in excess of 100 years remaining on the lease are sometimes regarded as a ‘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 |
|---|---|
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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. |
Engaging our service gives you enhanced control over the value of your Mobberley leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful correspondence with the landlord of her two bedroom apartment in Mobberley, Rosie initiated the lease extension process as the 80 year threshold was fast approaching. The lease extension was concluded in September 2005. The landlord’s costs were restricted to about 550 pounds.
Ms L Adams completed a basement apartment in Mobberley in March 1998. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Comparative properties in Mobberley with an extended lease were worth £191,400. The average ground rent payable was £55 collected annually. The lease ended in 2079. Having 54 years left we calculated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 not including legals.
In 2009 we were phoned by Dr L Scott who, having took over the lease of a one bedroom flat in Mobberley in August 2002. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Similar flats in Mobberley with an extended lease were valued about £295,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease lapsed on 22 June 2099. Taking into account 74 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.