Mossley leases on residential deteriorating in value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease drops below 80 years - otherwise a higher amount will be due. Flat owners in Mossley will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process has started so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Retaining our service will provide you enhanced control over the value of your Mossley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Dexter was the the leasehold owner of a conversion apartment in Mossley on the market with a lease of a few days over sixty years left. Dexter informally contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Dexter to exercise his statutory right. Dexter procured expert advice and secured an acceptable deal informally and readily saleable.
In 2014 we were called by Mr and Mrs. L Scott who, having moved into a ground floor flat in Mossley in February 2000. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Comparative residencies in Mossley with an extended lease were valued around £260,000. The average ground rent payable was £50 invoiced per annum. The lease elapsed on 6 January 2098. Given that there were 72 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.
Dr V Rodríguez was assigned a lease of a one bedroom flat in Mossley in September 2010. We are asked if we could approximate the price could be for a ninety year lease extension. Similar homes in Mossley with a long lease were valued around £256,600. The average ground rent payable was £60 invoiced annually. The lease came to a finish in 2078. Considering the 52 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 not including legals.