Moor Row leases on domestic deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Flat owners in Moor Row will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and formalities to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Moor Row with in excess of one hundred years remaining 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 circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant 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. |
| 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 |
| 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 Moor Row can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 in-depth market knowledge procuring Moor Row lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the freeholder of her garden flat in Moor Row, Eleanor commenced the lease extension process as the eighty year mark was quickly approaching. The lease extension completed in April 2015. The landlord’s charges were restricted to below 450 GBP.
Mr and Mrs. C Ward bought a ground floor flat in Moor Row in June 2008. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Similar homes in Moor Row with a long lease were worth £191,400. The average amount of ground rent was £55 billed every twelve months. The lease came to a finish on 12 May 2079. Given that there were 54 years left we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 not including legals.
In 2010 we were e-mailed by Mr and Mrs. Y Morgan who, having owned a one bedroom flat in Moor Row in June 2004. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative homes in Moor Row with a long lease were valued around £295,000. The average amount of ground rent was £45 collected annually. The lease finished in 2099. Having 74 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.