Hanham leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher amount will be due. Leasehold owners in Hanham will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Engaging our service will provide you better control over the value of your Hanham leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy correspondence with the freeholder of her garden apartment in Hanham, Jessica started the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension was finalised in August 2011. The landlord’s charges were negotiated to a tad over 550 GBP.
In 2011 we were contacted by Mr Omar Scott who, having moved into a garden flat in Hanham in February 2009. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Hanham with a long lease were worth £261,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease expired on 13 April 2078. Having 52 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 not including costs.
Mr Aiden Jackson owned a basement flat in Hanham in August 2002. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical homes in Hanham with a long lease were valued around £218,000. The average ground rent payable was £45 billed every twelve months. The lease expired on 28 March 2089. Taking into account 63 years remaining we estimated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 plus professional charges.