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Top reasons for Hale Barns lease extension


Main reasons to start your Hale Barns lease extension today:

A Hale Barns leasehold property depreciates with the years remaining on the lease.

Hale Barns leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Hale Barns tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Hale Barns you should see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter problems if you need to sell your flat in Hale Barns if the remaining lease term is less than the criteria set by most lenders. Different mortgage companies have varying criteria but on the whole they are looking for an unexpired term of at least seventy years.

Lender Requirement
Accord Mortgages 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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Hale Barns lease extensions?

Retaining our service will provide you increased control over the value of your Hale Barns leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hale Barns Lease Extension Case Summaries:

Poppy, Hale Barns, Cheshire,

Trailing unsuccessful negotiations with the freeholder of her first floor flat in Hale Barns, Poppy started the lease extension process as the 80 year threshold was fast approaching. The lease extension completed in July 2007. The landlord’s costs were negotiated to a tad over 500 GBP.

Hale Barns case:

In 2014 we were approached by Mr and Mrs. N Parker who, having was assigned a lease of a purpose-built apartment in Hale Barns in May 2009. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar homes in Hale Barns with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 collected annually. The lease lapsed on 18 March 2087. Taking into account 63 years as a residual term we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 plus fees.

Hale Barns case:

In 2012 we were e-mailed by Dr U Mercier who, having took over the lease of a studio apartment in Hale Barns in April 1999. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Hale Barns with a long lease were worth £265,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease ran out on 20 May 2098. Having 74 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.