Mundesley leases on residential deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease falls below 80 years - otherwise a higher amount will be payable. Leasehold owners in Mundesley will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and procedures to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Mundesley,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mundesley valuers.
During the course of the last few months Aarav, started to get near to the 80-year threshold with the lease on his first floor apartment in Mundesley. In buying his home two decades ago, the unexpired term was of no significance. As luck would have it, he recognised he would soon be paying an escalated premium for Extending the lease. Aarav arranged for a lease extension at the eleventh hour last March. Aarav and the landlord who owned the flat above in the end settled on the final figure of £5,500 . If he had missed the deadline, the figure would have become more costly by a minimum £925.
Mr and Mrs. H Howard took over the lease of a ground floor apartment in Mundesley in March 1995. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical homes in Mundesley with a long lease were in the region of £275,000. The average amount of ground rent was £55 billed per annum. The lease end date was on 5 April 2102. Given that there were 76 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.
In 2011 we were approached by Mrs C Cooper who, having owned a basement flat in Mundesley in May 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Similar flats in Mundesley with 100 year plus lease were worth £176,200. The average ground rent payable was £65 collected yearly. The lease terminated in 2082. Considering the 56 years left we approximated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 plus costs.