The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Mudeford can extend the lease for a further ninety years in accordance with legislation. Please think carefully before delaying your Mudeford lease extension. Shelving the costs today simply escalates the amount you will ultimately be required to pay to extend the lease.
It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| National Westminster Bank | 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 Mudeford can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 dealing with Mudeford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the landlord of her leasehold apartment in Mudeford, Francesca started the lease extension process just as the lease was approaching the critical eighty-year threshold. The legal work was finalised in January 2012. The landlord’s fees were restricted to less than 450 GBP.
Mr Y Morris owned a one bedroom apartment in Mudeford in April 2007. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative flats in Mudeford with 100 year plus lease were worth £200,800. The average ground rent payable was £65 collected monthly. The lease terminated on 21 May 2085. Having 60 years left we calculated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 not including expenses.
Mr Harry Díaz bought a purpose-built flat in Mudeford in March 2001. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Mudeford with a long lease were worth £260,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended on 26 June 2096. Having 71 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.