Mousehole leases on residential properties are gradually losing value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Mousehole will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain situations you may not qualify. There are prescribed timetables and steps to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Mousehole with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Mousehole can be a difficult process. We recommend you procure 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 in-depth market knowledge procuring Mousehole lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy negotiations with the landlord of her ground floor flat in Mousehole, Mia started the lease extension process just as her lease was coming close to the crucial eighty-year mark. The transaction was finalised in November 2009. The freeholder’s charges were restricted to a tad over 600 GBP.
Last Autumn we were called by Mr and Mrs. K Johnson , who acquired a one bedroom apartment in Mousehole in August 2007. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Mousehole with an extended lease were valued around £173,800. The average ground rent payable was £60 collected annually. The lease elapsed in 2081. Taking into account 55 years outstanding we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including legals.
Last Summer we were phoned by Mr E Stewart , who bought a one bedroom apartment in Mousehole in July 2001. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Comparative residencies in Mousehole with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 billed per annum. The lease ran out on 13 March 2092. Taking into account 66 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.