As the the remaining lease term of a Hanwell residential lease lessens so does its value and therefore the value of your property. Where the residual term has, over one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Many flat owners in Hanwell will qualify for this right; that being said a conveyancing solicitor can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Hanwell can be a difficult process. We recommend you obtain 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 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.
Subsequent to lengthy discussions with the landlord of her leasehold flat in Hanwell, Sian initiated the lease extension process just as the lease was coming close to the critical 80-year threshold. The legal work completed in February 2009. The landlord’s fees were kept to an absolute minimum.
Ms D Martin bought a newly refurbished flat in Hanwell in May 1999. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparative properties in Hanwell with 100 year plus lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed in 2098. Taking into account 72 years unexpired we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.
An example of a Freehold Enfranchisement case for a Hanwell flat 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 affected 2 flats. The unexpired lease term was 72.39 years.