Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Motspur Park. Inevitably, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying leaseholders in Motspur Park have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before putting off your Motspur Park lease extension. Putting off the cost now likely increases the price you will ultimately incur to extend your lease
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Motspur Park can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 dealing with Motspur Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful negotiations with the freeholder of her first floor flat in Motspur Park, Mia started the lease extension process as the 80 year mark was fast nearing. The lease extension was concluded in June 2008. The freeholder’s costs were restricted to approximately 500 GBP.
Last Spring we were approach by Mr and Mrs. N Rodríguez , who completed a one bedroom flat in Motspur Park in November 2006. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar residencies in Motspur Park with a long lease were in the region of £181,600. The average ground rent payable was £55 collected monthly. The lease expired in 2077. Taking into account 52 years remaining we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including fees.
An example of a Lease Extension matter before the tribunal for a Motspur Park premises is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The unexpired lease term was 60.43 years.