Mosborough leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher amount will be due. Leasehold owners in Mosborough will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not be entitled. There are prescribed timetables and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Mosborough with over 100 years unexpired on the lease are sometimes 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 merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Irrespective of whether you are a tenant or a landlord in Mosborough,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Mosborough valuers.
Joseph owned a 2 bedroom flat in Mosborough on the market with a lease of a little over fifty eight years remaining. Joseph informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Joseph to exercise his statutory right. Joseph procured expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
Last Winter we were e-mailed by Dr I Green , who was assigned a lease of a ground floor flat in Mosborough in May 2002. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar flats in Mosborough with an extended lease were valued around £191,000. The mid-range ground rent payable was £65 billed per annum. The lease came to a finish in 2084. Given that there were 58 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of legals.
In 2014 we were approached by Mr and Mrs. T Peterson who, having completed a studio apartment in Mosborough in March 1997. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Identical homes in Mosborough with 100 year plus lease were valued about £250,000. The mid-range ground rent payable was £50 collected annually. The lease ended in 2095. Considering the 69 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.