The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Hoole can extend the lease for an additional ninety years under statute. Do give careful consideration before delaying your Hoole lease extension. Postponing that expense today simply increases the price you will ultimately have to pay to extend the lease.
It is generally accepted that a property with over 100 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 remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Hoole can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 procuring Hoole lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her basement apartment in Hoole, Amelia commenced the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction completed in November 2009. The freeholder’s fees were restricted to below 700 pounds.
Dr O Girard moved into a newly refurbished apartment in Hoole in January 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Identical residencies in Hoole with an extended lease were worth £206,200. The average amount of ground rent was £55 invoiced every twelve months. The lease lapsed on 23 June 2081. Given that there were 56 years outstanding we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of costs.
Last Summer we were phoned by Mr G James , who purchased a basement apartment in Hoole in March 1998. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparative homes in Hoole with a long lease were in the region of £300,000. The average amount of ground rent was £50 collected yearly. The lease lapsed in 2101. Taking into account 76 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus professional charges.