Mosborough leases on residential deteriorating in value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Mosborough will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| Virgin |
Using our service gives you enhanced control over the value of your Mosborough leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Finn owned a studio flat in Mosborough being marketed with a lease of a few days over sixty years left. Finn on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Finn to exercise his statutory right. Finn obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.
In 2013 we were phoned by Mr and Mrs. W Roux who, having acquired a one bedroom flat in Mosborough in August 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparable homes in Mosborough with an extended lease were in the region of £264,000. The average ground rent payable was £60 collected per annum. The lease expiry date was in 2079. Given that there were 53 years left we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of expenses.
Mr Eliot Gómez was assigned a lease of a one bedroom flat in Mosborough in April 2003. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Mosborough with 100 year plus lease were valued around £225,400. The mid-range ground rent payable was £45 invoiced annually. The lease concluded in 2090. Taking into account 64 years remaining we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including expenses.