Hoole leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Flat owners in Hoole will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not qualify. There are also strict timetables and steps to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Hoole with more than 100 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with procure Hoole lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Last Christmas Alexander, started to get close to the 80-year mark with the lease on his first floor apartment in Hoole. In buying his flat 19 years ago, the lease term was of little bearing. Thankfully, he noticed he would soon be paying an escalated premium for Extending the lease. Alexander was able to extend his lease at the eleventh hour in January. Alexander and the landlord ultimately settled on a premium of £5,500 . If the lease had fallen lower than eighty years, the figure would have increased by at least £950.
Last Spring we were contacted by Dr F Bernard , who purchased a recently refurbished apartment in Hoole in March 2000. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparative homes in Hoole with 100 year plus lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease expired on 21 March 2103. Given that there were 77 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.
Last November we were approach by Ms Sian Ramírez , who bought a newly refurbished apartment in Hoole in April 1995. We are asked if we could approximate the price would be for a ninety year lease extension. Similar homes in Hoole with a long lease were worth £260,200. The mid-range ground rent payable was £65 collected every twelve months. The lease expired on 5 September 2092. Considering the 66 years unexpired we calculated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of costs.