As the length of the unexpired term of a Hedon residential lease decreases so does its value and therefore the value of your property. Where the residual term has, more than 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Many flat owners in Hedon will qualify for this right; that being said a lawyer will be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally accepted that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Hedon can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in lease extensions.
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 in-depth market knowledge procuring Hedon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of protracted correspondence with the landlord of her studio apartment in Hedon, Freya commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The legal work was finalised in September 2013. The freeholder’s fees were kept to an absolute minimum.
Mr B White was assigned a lease of a first floor apartment in Hedon in November 1997. The question was if we could approximate the price would likely be to extend the lease by an additional years. Comparable premises in Hedon with an extended lease were in the region of £295,000. The average amount of ground rent was £45 invoiced every twelve months. The lease elapsed in 2099. Considering the 74 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.
Last Autumn we were contacted by Mrs N King , who bought a one bedroom flat in Hedon in July 2003. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar properties in Hedon with 100 year plus lease were in the region of £243,000. The average amount of ground rent was £65 billed monthly. The lease terminated on 3 August 2088. Having 63 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus expenses.