Hazlemere leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Hazlemere will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In some circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Hazlemere with over one hundred years left 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a freeholder in Hazlemere,the lease extension experts 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 Hazlemere valuers.
Off the back of lengthy discussions with the freeholder of her studio apartment in Hazlemere, Aimee started the lease extension process as the eighty year threshold was swiftly nearing. The legal work completed in August 2009. The freeholder’s costs were restricted to a tad over 650 GBP.
Mrs T López purchased a garden flat in Hazlemere in March 2001. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical properties in Hazlemere with a long lease were worth £267,600. The average amount of ground rent was £65 invoiced every twelve months. The lease lapsed in 2092. Taking into account 67 years unexpired we approximated the premium to the landlord to extend the lease to be within £14,300 and £16,400 plus costs.
In 2012 we were phoned by Mr and Mrs. S Rose who, having completed a one bedroom apartment in Hazlemere in September 2006. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical residencies in Hazlemere with 100 year plus lease were valued around £206,200. The average amount of ground rent was £55 invoiced per annum. The lease lapsed in 2081. Considering the 56 years remaining we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.