Hoole Lease Extension - Free Consultation

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Main reasons to start your Hoole lease extension


Main reasons to commence your Hoole lease extension today:

Increase your lease and increase your Hoole property value

When it comes to domestic leasehold property in Hoole, you are actually purchasing a right to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably when there are less than 80 years remaining. Anyone in Hoole with a lease drawing near to 81 years left should seriously think of extending it without delay. When the lease term has fewer than eighty years left, under the relevant statute the landlord is entitled to calculate and demand a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

Hoole property with a lease extension is almost the same value as a freehold

Leasehold properties in Hoole with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and building societies are distinct in their lending requirements. Some draw the line at 75 years remaining on the lease; others may be happy with anything with more than 70 years. Below 60 years, it may be impossible to obtain a mortgage at all.

Lender Requirement
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;
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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.

Why use us for your lease extension in Hoole?

Regardless of whether you are a tenant or a landlord in Hoole,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 Hoole valuers.

Hoole Lease Extension Example Cases:

Thomas, Hoole, Cheshire

Two years ago Thomas, came precariously close to the eighty-year mark with the lease on his leasehold apartment in Hoole. Having bought his property two decades ago, the lease term was of little bearing. Thankfully, he recognised he would soon be paying an escalated premium for a lease extension. Thomas was able to extend his lease just under the wire in January. Thomas and the landlord who owned the flat above in the end settled on sum of £6,000 . If the lease had fallen to less than 80 years, the premium would have become more exhorbitant by at least £1,075.

Hoole case:

In 2010 we were e-mailed by Mr and Mrs. D Peterson who, having completed a one bedroom flat in Hoole in April 2006. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative residencies in Hoole with a long lease were valued about £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease lapsed in 2094. Given that there were 70 years left we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of costs.

Hoole case:

In 2011 we were contacted by Ms Ellie Murphy who, having owned a basement apartment in Hoole in September 2003. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable residencies in Hoole with 100 year plus lease were valued around £218,400. The average ground rent payable was £60 billed yearly. The lease finished on 19 June 2083. Considering the 59 years outstanding we estimated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 plus costs.