The nearer a domestic lease in Hockley nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, in excess of 100 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Hockley will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Hockley with in excess of 100 years outstanding 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| 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. |
| 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 |
Lease extensions in Hockley can be a difficult process. We recommend you procure 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 a wealth of experience dealing with Hockley 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 9 months of unsuccessful discussions with the landlord of her basement apartment in Hockley, Rachael initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The legal work was finalised in March 2012. The landlord’s costs were restricted to less than 450 pounds.
Mr and Mrs. Y Brooks was assigned a lease of a ground floor apartment in Hockley in June 1996. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Hockley with an extended lease were worth £166,400. The average amount of ground rent was £60 billed every twelve months. The lease ended in 2079. Given that there were 54 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including costs.
Ms Kelsey Thomas took over the lease of a garden flat in Hockley in September 2005. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Hockley with 100 year plus lease were in the region of £227,800. The mid-range amount of ground rent was £45 billed yearly. The lease concluded in 2090. Considering the 65 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.