There is no doubt about it a leasehold property in Hartfield is a wasting asset as a result of the diminishing lease term. Where the lease has, over 125 years to run then this decrease may be of little impact that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Most flat owners in Hartfield will qualify for this right; nevertheless a conveyancing solicitor can confirm whether you qualify 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.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Hartfield can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 dealing with Hartfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Ben, started to get close to the 80-year mark with the lease on his leasehold flat in Hartfield. In buying his property two decades ago, the length of the lease was of little significance. As luck would have it, he realised he would soon be paying an escalated premium for Extending the lease. Ben was able to extend his lease just under the wire in May. Ben and the freeholder via the management company in the end settled on an amount of £6,000 . If he not met the deadline, the sum would have escalated by a minimum £950.
Last Autumn we were phoned by Mr Ollie Taylor , who moved into a purpose-built apartment in Hartfield in September 2009. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparable residencies in Hartfield with a long lease were in the region of £256,600. The average ground rent payable was £60 collected annually. The lease lapsed in 2078. Having 52 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £41,800 and £48,400 plus expenses.
In 2010 we were e-mailed by Mrs Eleanor Cooper who, having bought a ground floor flat in Hartfield in June 1999. The question was if we could approximate the premium would be to prolong the lease by 90 years. Similar residencies in Hartfield with 100 year plus lease were worth £218,000. The average ground rent payable was £45 invoiced monthly. The lease end date was on 24 March 2089. Having 63 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of legals.