There is no doubt about it a leasehold property in Mottingham is a wasting asset as a result of the shortening lease. If the residual term has, beyond 100 years to run then this decrease may be negligible however there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner rather than later. Most flat owners in Mottingham will meet the qualifying criteria; nevertheless a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Mottingham with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Mottingham can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Mottingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted correspondence with the freeholder of her two bedroom flat in Mottingham, Abigail commenced the lease extension process as the eighty year deadline was quickly coming. The legal work was finalised in August 2014. The landlord’s charges were negotiated to under 700 GBP.
Last year we were e-mailed by Dr David García , who owned a ground floor flat in Mottingham in January 2000. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparable premises in Mottingham with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease expired in 2103. Having 77 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.
An example of a Lease Extension case for a Mottingham flat is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 23.26 years.