The closer a residential lease in Hanham gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of 125 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Hanham will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Hanham with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| TSB |
Lease extensions in Hanham can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 Hanham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her ground floor apartment in Hanham, Ellie initiated the lease extension process as the eighty year deadline was rapidly nearing. The lease extension was concluded in September 2013. The freeholder’s fees were negotiated to below 550 GBP.
Last Autumn we were approach by Dr Katherine Thomas , who took over the lease of a newly refurbished apartment in Hanham in August 2002. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Identical properties in Hanham with 100 year plus lease were in the region of £176,200. The mid-range ground rent payable was £65 collected monthly. The lease concluded in 2082. Given that there were 56 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 plus professional charges.
Last Winter we were approach by Mr D Bonnet , who completed a one bedroom apartment in Hanham in April 2007. The question was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Similar premises in Hanham with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 billed per annum. The lease termination date was on 21 November 2093. Given that there were 67 years left we approximated the premium to the landlord for the lease extension to be between £11,400 and £13,200 not including legals.