Halstead leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Halstead tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Halstead you must investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Santander | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Halstead can be a difficult process. We recommend you obtain professional help from a lawyer 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 dealing with Halstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted negotiations with the landlord of her garden apartment in Halstead, Lauren commenced the lease extension process just as her lease was nearing the critical 80-year deadline. The transaction was concluded in June 2015. The landlord’s charges were kept to an absolute minimum.
Dr S Allen was assigned a lease of a first floor flat in Halstead in September 2008. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparative premises in Halstead with an extended lease were in the region of £183,600. The average amount of ground rent was £65 collected every twelve months. The lease ended on 22 October 2083. Having 57 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus fees.
Dr Ryan Mercier completed a purpose-built flat in Halstead in January 2010. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparable premises in Halstead with an extended lease were worth £245,000. The average ground rent payable was £50 billed quarterly. The lease lapsed in 2094. Considering the 68 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.