The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Moseley can extend the lease for an additional ninety years in accordance with statute. Do think carefully before delaying your Moseley lease extension. Postponing that expense now simply escalates the premium you will eventually be required to pay to extend the lease.
Leasehold premises in Moseley with more than one hundred years unexpired 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 situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Moseley can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.
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 Moseley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kyle was the the leasehold proprietor of a conversion apartment in Moseley being marketed with a lease of a little over 61 years unexpired. Kyle informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.
Last October we were phoned by Dr G Lambert , who took over the lease of a ground floor apartment in Moseley in March 2001. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical premises in Moseley with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 invoiced per annum. The lease ran out on 10 August 2099. Considering the 74 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.
Dr Jasper García moved into a one bedroom apartment in Moseley in June 2010. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Comparable properties in Moseley with an extended lease were worth £166,400. The average ground rent payable was £60 collected annually. The lease came to a finish in 2079. Taking into account 54 years unexpired we approximated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of costs.