The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hither Green may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Hither Green lease extension. Putting off that expense today simply increases the amount you will eventually be required to pay to extend the lease.
Leasehold premises in Hither Green with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 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. |
Irrespective of whether you are a tenant or a landlord in Hither Green,the lease extension solicitors 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 Hither Green valuers.
Omar was the the leasehold proprietor of a studio flat in Hither Green on the market with a lease of a few days over fifty eight years remaining. Omar on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Omar to exercise his statutory right. Omar procured expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Last April we were called by Mrs Katherine Anderson , who was assigned a lease of a recently refurbished apartment in Hither Green in July 2012. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Identical properties in Hither Green with a long lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease came to a finish on 3 June 2102. Considering the 77 years outstanding we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.
An example of a Freehold Enfranchisement decision for a Hither Green property is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case related to 3 flats. The unexpired term was 69.05 years.