Top reasons for Haddenham lease extension
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Main reasons to start your Haddenham lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/haddenham">Haddenham</a> lease depreciates with the years remaining on the lease.
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<p> The market value of a leasehold property in Haddenham depends on how long the lease has remaining. If it is close to or less than eighty years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. It is preferable to start the process of extending the lease is when a lease still has 82 years remaining so that formalities can be addressed well before the eighty year cut off point. Statute enables Haddenham qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus an additional term of ninety years. The intention of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension. <h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold residencies in Haddenham with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it. <h4>Lending institutions may decide not to finance a property on a short lease</h4> Lenders do not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Haddenham if the unexpired lease term is less than the criteria set by the majority of lenders. Different mortgage companies have different requirements but generally theyrequire a minimum remaining lease term of 65 years.
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<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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What makes us experts in Haddenham lease extensions?
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<p> Regardless of whether you are a tenant or a landlord in Haddenham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Haddenham valuers.
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Haddenham Lease Extension Example Cases:
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<h5> Caleb, Haddenham, Buckinghamshire</h5>
<p> During the course of the last few months Caleb, started to get close to the 80-year mark with the lease on his leasehold apartment in Haddenham. In buying his flat two decades ago, the length of the lease was of minimal interest. Fortunately, he noticed he would soon be paying way over the odds for a lease extension. Caleb extended the lease just under the wire last March. Caleb and the freeholder via the managing agents eventually agreed on an amount of £5,000 . If the lease had dropped lower than eighty years, the amount would have gone up by a minimum £875.
<h5>Haddenham case:</h5>
<p> Mr and Mrs. T Campbell took over the lease of a garden flat in Haddenham in November 2009. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Haddenham with a long lease were worth £300,000. The mid-range ground rent payable was £50 billed per annum. The lease concluded on 25 September 2102. Given that there were 76 years left we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.
<h5>Haddenham case:</h5>
<p> Dr O Campbell was assigned a lease of a one bedroom flat in Haddenham in October 2006. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Comparable premises in Haddenham with a long lease were in the region of £257,800. The mid-range amount of ground rent was £65 invoiced per annum. The lease terminated in 2091. Considering the 65 years remaining we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.
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