Manor Park leases on domestic deteriorating in value. Where your lease has in the region of ninety 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 the lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher amount will be due. Flat owners in Manor Park will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
The conveyancers that we work with handle Manor Park 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.
Last year Jason, started to get close to the eighty-year threshold with the lease on his basement flat in Manor Park. Having bought his home two decades ago, the length of the lease was of minimal relevance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Jason arranged for a lease extension at the eleventh hour in April. Jason and the freeholder via the management company subsequently settled on the final figure of £5,500 . If he failed to meet the deadline, the sum would have escalated by a minimum £1,025.
In 2010 we were contacted by Mrs J Martin who, having was assigned a lease of a garden apartment in Manor Park in April 1997. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative homes in Manor Park with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 billed yearly. The lease concluded on 19 January 2082. Taking into account 57 years outstanding we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of expenses.
An example of a Lease Extension decision for a Manor Park property 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 residue of the current lease was 65.5 years.