The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Haddenham can extend the lease for a further 90 years in accordance with statute. Please think carefully before delaying your Haddenham lease extension. Shelving the costs now simply escalates the price you will eventually have to pay for a lease extension.
Leasehold properties in Haddenham with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 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. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Yorkshire Building Society | 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. |
Using our service will provide you enhanced control over the value of your Haddenham leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In recent months David, started to get near to the 80-year mark with the lease on his ground floor flat in Haddenham. In buying his flat twenty years ago, the unexpired term was of little concern. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. David arranged for a lease extension at the eleventh hour in July. David and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If he not met the deadline, the amount would have escalated by a minimum £1,050.
Ms L Ward purchased a one bedroom flat in Haddenham in February 2006. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative flats in Haddenham with a long lease were worth £216,000. The mid-range amount of ground rent was £60 collected yearly. The lease expired on 26 October 2082. Considering the 58 years remaining we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including fees.
In 2014 we were e-mailed by Mr B Lambert who, having completed a garden flat in Haddenham in October 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Comparable premises in Haddenham with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease terminated in 2102. Considering the 78 years remaining we approximated the compensation to the freeholder to extend the lease to be between £7,600 and £8,800 exclusive of legals.