When it comes to long leasehold property in Motspur Park, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than 80 years left. Anyone in Motspur Park with a lease drawing near to 81 years remaining should seriously consider extending it sooner as opposed to later. Once a lease has below 80 years left, under the relevant statute the landlord is entitled to calculate and charge a larger amount, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold residencies in Motspur Park with more than 100 years unexpired on the lease are sometimes 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 buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Motspur Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Trailing unsuccessful correspondence with the freeholder of her first floor apartment in Motspur Park, Mia commenced the lease extension process just as the lease was approaching the critical 80-year mark. The lease extension was finalised in March 2009. The landlord’s costs were negotiated to slightly above 650 pounds.
In 2011 we were contacted by Dr C Adams who, having purchased a one bedroom apartment in Motspur Park in July 2003. The question was if we could approximate the premium could be for a 90 year extension to my lease. Similar flats in Motspur Park with 100 year plus lease were in the region of £166,800. The average ground rent payable was £50 collected annually. The lease expired on 23 March 2076. Given that there were 50 years unexpired we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of professional charges.
An example of a Lease Extension case 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 affected 1 flat. The unexpired term was 60.43 years.