For anyone whose Halstead home is held on a long lease, our message is clear – if you do nothing, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension.
Leasehold residencies in Halstead with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Halstead,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Halstead valuers.
Trailing protracted discussions with the freeholder of her leasehold flat in Halstead, Yasmin initiated the lease extension process just as her lease was approaching the all-important eighty-year deadline. The lease extension was finalised in May 2012. The landlord’s fees were kept to an absolute minimum.
Last Autumn we were approach by Ms Amy Torres , who moved into a one bedroom apartment in Halstead in June 2003. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Halstead with an extended lease were in the region of £227,800. The average amount of ground rent was £45 billed every twelve months. The lease finished in 2091. Considering the 65 years remaining we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.
Mr Isaac Miller was assigned a lease of a one bedroom flat in Halstead in October 2003. We are asked if we could approximate the premium would likely be to extend the lease by a further 90 years. Similar properties in Halstead with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 invoiced monthly. The lease came to a finish in 2102. Having 76 years left we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.