Hanwell leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the current lease drops under 80 years - otherwise a higher amount will be due. Flat owners in Hanwell will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not qualify. There are also strict timetables and procedures to comply with once the process is initiated so it’s best to be guided by a lawyer during the process.
Leasehold properties in Hanwell with over 100 years left on the lease are often 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 buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Hanwell can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 a wealth of experience procuring Hanwell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Eli, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Hanwell. In buying his flat 19 years ago, the lease term was of minimal concern. Thankfully, he realised he would imminently be paying way over the odds for Extending the lease. Eli arranged for a lease extension at the eleventh hour in May. Eli and the freeholder via the managing agents in the end agreed on the final figure of £5,500 . If he had missed the deadline, the premium would have escalated by a minimum £950.
Last Winter we were contacted by Dr William Thomas , who owned a basement apartment in Hanwell in July 1995. We are asked if we could approximate the price would be to prolong the lease by ninety years. Comparable flats in Hanwell with an extended lease were worth £200,800. The mid-range ground rent payable was £65 collected monthly. The lease concluded on 26 September 2086. Considering the 60 years left we calculated the premium to the landlord for the lease extension to be within £20,900 and £24,200 not including costs.
An example of a Freehold Enfranchisement matter before the tribunal for a Hanwell residence is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The unexpired term as at the valuation date was 72.39 years.