Unfortunately that a Mosborough residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Mosborough property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If the number of years remaining dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Mosborough will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the formalities.
Leasehold residencies in Mosborough with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Halifax | |
| Santander | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Mosborough,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mosborough valuers.
Off the back of unsuccessful correspondence with the landlord of her leasehold flat in Mosborough, Katherine started the lease extension process as the eighty year deadline was rapidly nearing. The transaction was concluded in September 2010. The freeholder’s charges were restricted to less than four hundred GBP.
In 2009 we were approached by Dr C Sharif who, having completed a purpose-built apartment in Mosborough in March 1999. The dilemma was if we could estimate the price would be for a ninety year lease extension. Similar properties in Mosborough with 100 year plus lease were in the region of £232,800. The mid-range ground rent payable was £45 collected per annum. The lease expired on 28 October 2091. Taking into account 65 years left we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.
Mr John Gómez took over the lease of a studio apartment in Mosborough in June 2001. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar residencies in Mosborough with a long lease were worth £275,000. The average ground rent payable was £55 invoiced every twelve months. The lease terminated in 2102. Considering the 76 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.