Muxton leases on residential properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Muxton will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Muxton with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Muxton can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience dealing with Muxton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eli owned a high value flat in Muxton being marketed with a lease of a few days over 61 years left. Eli on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Eli to invoke his statutory right. Eli procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2011 we were contacted by Mr and Mrs. V Cooper who, having purchased a ground floor apartment in Muxton in February 1995. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparable properties in Muxton with an extended lease were worth £218,000. The average amount of ground rent was £45 billed per annum. The lease lapsed on 13 November 2089. Taking into account 63 years as a residual term we calculated the premium to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of costs.
In 2013 we were contacted by Mr Thomas Moreau who, having acquired a studio flat in Muxton in May 2010. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparable premises in Muxton with a long lease were worth £270,000. The mid-range ground rent payable was £55 collected every twelve months. The lease expired on 3 January 2100. Having 74 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.