The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Herne Hill have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Please think carefully before delaying your Herne Hill lease extension. Putting off that expense today simply escalates the amount you will eventually be required to pay to extend the lease.
Leasehold premises in Herne Hill with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Herne Hill can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Herne Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Kai, came critically close to the eighty-year mark with the lease on his one bedroom flat in Herne Hill. In buying his home two decades ago, the unexpired term was of little concern. by good luck, it dawned on him that he needed to take action soon on Extending the lease. Kai extended the lease just ahead of time in May. Kai and the freeholder via the managing agents in the end settled on a premium of £5,000 . If he had missed the deadline, the price would have gone up by at least £1,050.
In 2014 we were e-mailed by Mrs D Williams who, having bought a ground floor flat in Herne Hill in February 1998. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative properties in Herne Hill with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £55 collected yearly. The lease concluded in 2082. Taking into account 56 years unexpired we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus expenses.
An example of a Freehold Enfranchisement decision for a Herne Hill premises is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case related to 3 flats. The unexpired term was 72.58 years.