Hale Barns leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Hale Barns will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent 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 many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Hale Barns can be a difficult process. We recommend you get professional help from a conveyancer 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 a wealth of experience 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.
Finn was the the leasehold proprietor of a studio apartment in Hale Barns being marketed with a lease of a little over 59 years unexpired. Finn informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Finn to invoke his statutory right. Finn procured expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
In 2014 we were e-mailed by Dr W López who, having owned a garden flat in Hale Barns in May 2005. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative flats in Hale Barns with 100 year plus lease were valued about £173,800. The average ground rent payable was £65 invoiced annually. The lease finished on 13 September 2081. Having 55 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.
In 2011 we were called by Mr Omar Roberts who, having bought a ground floor flat in Hale Barns in May 2007. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar properties in Hale Barns with an extended lease were valued around £235,200. The average amount of ground rent was £45 billed every twelve months. The lease ended in 2092. Given that there were 66 years remaining we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.