It’s an underpublicised certainty that a Hedon residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Hedon property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining drops below eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Hedon will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer from beginning to end of the process.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety 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 |
|---|---|
| Barnsley Building Society | |
| Nationwide Building Society | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Hedon,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hedon valuers.
Last Spring Liam, came critically near to the 80-year threshold with the lease on his one bedroom apartment in Hedon. Having purchased his property two decades ago, the unexpired term was of minimal concern. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Liam extended the lease at the eleventh hour last March. Liam and the freeholder via the management company in the end agreed on sum of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by at least £1,125.
Last month we were contacted by Mr Jude King , who took over the lease of a basement apartment in Hedon in April 2005. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Comparable residencies in Hedon with an extended lease were worth £280,000. The average ground rent payable was £45 billed quarterly. The lease expired on 4 November 2096. Taking into account 70 years unexpired we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.
Last Spring we were phoned by Dr H Hill , who owned a first floor flat in Hedon in July 2001. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparative premises in Hedon with an extended lease were valued about £223,400. The mid-range ground rent payable was £60 billed quarterly. The lease ended in 2085. Given that there were 59 years remaining we estimated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 not including professional charges.