Manor Park leases on residential properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher premium will be payable. Flat owners in Manor Park will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Manor Park can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Manor Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Jackson, started to get near to the eighty-year mark with the lease on his first floor flat in Manor Park. Having purchased his home two decades ago, the lease term was of minimal significance. Luckily, he recognised he would imminently be paying way over the odds for Extending the lease. Jackson extended the lease just ahead of time in July. Jackson and the landlord who owned the flat above in the end settled on a premium of £5,000 . If he failed to meet the deadline, the figure would have increased by a minimum £1,150.
Last year we were called by Mr and Mrs. O Gunderson , who owned a ground floor apartment in Manor Park in January 2007. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative premises in Manor Park with a long lease were worth £227,800. The average ground rent payable was £45 collected monthly. The lease expiry date was in 2090. Considering the 65 years remaining we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus costs.
An example of a Lease Extension case for a Manor Park flat is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case related to 2 flats. The unexpired term was 65.5 years.