The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Halstead can extend the lease for a further 90 years under statute. Please think carefully before delaying your Halstead lease extension. Shelving the costs today simply escalates the amount you will eventually be required to pay to extend the lease.
Leasehold premises in Halstead with over 100 years left 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 property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Halstead can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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.
Last year Daniel, started to get close to the eighty-year mark with the lease on his leasehold flat in Halstead. Having purchased his flat two decades ago, the unexpired term was of minimal bearing. by good luck, he realised he needed to take steps soon on a lease extension. Daniel arranged for a lease extension just under the wire last June. Daniel and the freeholder via the managing agents eventually agreed on the final figure of £5,000 . If he failed to meet the deadline, the price would have gone up by at least £975.
Dr P Phillips completed a one bedroom flat in Halstead in February 2012. We are asked if we could approximate the price could be to prolong the lease by ninety years. Identical flats in Halstead with a long lease were worth £191,000. The mid-range ground rent payable was £65 collected annually. The lease elapsed in 2084. Considering the 58 years unexpired we estimated the premium to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of costs.
Dr Alex Carter moved into a purpose-built flat in Halstead in August 1999. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative properties in Halstead with an extended lease were in the region of £250,000. The average amount of ground rent was £50 billed annually. The lease finished on 2 January 2095. Having 69 years outstanding we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.