The nearer a residential lease in Mulbarton nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. Many flat owners in Mulbarton will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Mulbarton 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 lawyer we work with provide it.
Matthew was the the leasehold proprietor of a studio apartment in Mulbarton being marketed with a lease of fraction over 59 years remaining. Matthew informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Matthew to invoke his statutory right. Matthew obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
In 2014 we were called by Mr and Mrs. C Bernard who, having took over the lease of a ground floor apartment in Mulbarton in October 2002. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Comparative properties in Mulbarton with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 billed monthly. The lease ended in 2097. Considering the 71 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
Last year we were called by Mr and Mrs. J Martínez , who purchased a first floor apartment in Mulbarton in January 2001. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical homes in Mulbarton with 100 year plus lease were valued around £254,200. The average ground rent payable was £60 billed annually. The lease concluded on 3 November 2077. Taking into account 51 years remaining we approximated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of expenses.