The closer a domestic lease in Hale Barns nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Most flat owners in Hale Barns will qualify for this right; nevertheless a lawyer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Hale Barns,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hale Barns valuers.
In the wake of 9 months of protracted discussions with the landlord of her ground floor flat in Hale Barns, Georgia initiated the lease extension process as the 80 year threshold was fast approaching. The transaction was finalised in November 2008. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were called by Mrs Freya Walker who, having purchased a purpose-built apartment in Hale Barns in May 2010. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable homes in Hale Barns with 100 year plus lease were worth £235,200. The average ground rent payable was £45 invoiced yearly. The lease came to a finish on 13 March 2092. Taking into account 66 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including fees.
In 2009 we were called by Mr and Mrs. N Martínez who, having completed a studio apartment in Hale Barns in August 1998. The question was if we could estimate the premium could be to extend the lease by 90 years. Comparable properties in Hale Barns with a long lease were worth £280,000. The average amount of ground rent was £55 invoiced per annum. The lease terminated on 7 May 2103. Considering the 77 years left we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus expenses.