As the the remaining lease term of a Mousehole domestic lease lessens so does its value and therefore the value of your property. If the residual term has, over 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under 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 primary rational as to why you should consider extending sooner as opposed to later. Most flat owners in Mousehole will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Mousehole,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Mousehole valuers.
Trailing lengthy discussions with the landlord of her purpose-built apartment in Mousehole, Chantelle started the lease extension process just as the lease was approaching the critical 80-year threshold. The transaction was finalised in February 2011. The freeholder’s fees were kept to an absolute minimum.
Last Autumn we were phoned by Mr and Mrs. T Collins , who owned a garden apartment in Mousehole in June 1995. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Identical premises in Mousehole with an extended lease were in the region of £280,000. The average amount of ground rent was £55 invoiced annually. The lease elapsed on 19 May 2104. Given that there were 78 years unexpired we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of expenses.
Mr and Mrs. J White purchased a basement apartment in Mousehole in September 2008. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparable properties in Mousehole with an extended lease were in the region of £191,000. The average ground rent payable was £65 invoiced every twelve months. The lease termination date was in 2084. Given that there were 58 years remaining we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 plus legals.