When it comes to long leasehold property in Hawkshead, you are actually purchasing an entitlement to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years left. Anyone in Hawkshead with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. When a lease has under eighty years remaining, under the current statute the freeholder can calculate and demand a larger amount, based on a technical multiplication, known as “marriage value” which is due.
Leasehold premises in Hawkshead with in excess of 100 years remaining 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 reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Skipton Building Society |
Regardless of whether you are a tenant or a landlord in Hawkshead,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hawkshead valuers.
After protracted correspondence with the freeholder of her first floor flat in Hawkshead, Georgia commenced the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work completed in April 2007. The landlord’s costs were kept to an absolute minimum.
Dr P Roberts purchased a studio flat in Hawkshead in February 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Identical homes in Hawkshead with 100 year plus lease were valued about £218,000. The mid-range amount of ground rent was £45 invoiced annually. The lease lapsed on 28 January 2089. Given that there were 63 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including fees.
In 2009 we were approached by Mr and Mrs. C Laurent who, having acquired a one bedroom flat in Hawkshead in November 2004. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar flats in Hawkshead with a long lease were worth £265,000. The mid-range ground rent payable was £55 billed per annum. The lease finished in 2100. Considering the 74 years unexpired we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.