Unfortunately that a Hale Barns residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Hale Barns property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining slips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Hale Barns will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold premises in Hale Barns with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Hale Barns can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in this area.
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 Hale Barns 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 negotiations with the landlord of her two bedroom flat in Hale Barns, Samantha initiated the lease extension process as the eighty year deadline was rapidly advancing. The lease extension was finalised in January 2006. The landlord’s costs were restricted to less than 550 GBP.
Last November we were called by Mrs Yasmin Rogers , who purchased a garden apartment in Hale Barns in October 2000. We are asked if we could approximate the premium could be for a 90 year lease extension. Similar premises in Hale Barns with an extended lease were valued about £255,000. The average ground rent payable was £50 collected monthly. The lease came to a finish in 2096. Given that there were 70 years remaining we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.
Mr and Mrs. B Wood took over the lease of a purpose-built flat in Hale Barns in September 2004. The question was if we could estimate the premium could be for a ninety year lease extension. Comparative flats in Hale Barns with an extended lease were valued around £246,800. The average amount of ground rent was £60 invoiced per annum. The lease finished on 28 November 2076. Having 50 years unexpired we approximated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 plus professional charges.