As the length of the unexpired term of a Moorends residential lease diminished so does its value and therefore the value of your property. If the lease has, in excess of 100 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Most flat owners in Moorends will qualify for this right; however a conveyancer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service gives you better control over the value of your Moorends leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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.
18 months ago David, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Moorends. In buying his home 18 years previously, the lease term was of little significance. Fortunately, he recognised he would imminently be paying an inflated amount for Extending the lease. David extended the lease just in the nick of time last May. David and the freeholder ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the figure would have gone up by a minimum £850.
In 2012 we were contacted by Mr and Mrs. K Bernard who, having moved into a ground floor flat in Moorends in June 2012. The dilemma was if we could approximate the price would be to prolong the lease by 90 years. Identical homes in Moorends with 100 year plus lease were worth £176,200. The mid-range ground rent payable was £65 invoiced per annum. The lease concluded on 5 February 2082. Considering the 56 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including expenses.
Last January we were phoned by Ms T Cox , who moved into a newly refurbished apartment in Moorends in November 1999. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Similar homes in Moorends with a long lease were worth £242,600. The mid-range ground rent payable was £45 collected yearly. The lease concluded in 2093. Given that there were 67 years remaining we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus professional charges.