Hungerford leases on domestic deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher premium will be payable. Flat owners in Hungerford will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Hungerford with more than one hundred years left 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 circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
The conveyancers that we work with undertake Hungerford 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 conveyancing solicitor we work with provide it.
Last Christmas Milo, came dangerously near to the eighty-year mark with the lease on his one bedroom apartment in Hungerford. In buying his property two decades ago, the length of the lease was of minimal concern. Thankfully, he recognised he would soon be paying an inflated amount for a lease extension. Milo extended the lease at the eleventh hour last July. Milo and the freeholder eventually settled on an amount of £6,000 . If the lease had descended lower than eighty years, the sum would have gone up by at least £925.
Last Spring we were approach by Dr Daniel Sharif , who was assigned a lease of a first floor flat in Hungerford in October 1999. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparable properties in Hungerford with an extended lease were in the region of £265,200. The mid-range ground rent payable was £65 collected every twelve months. The lease elapsed on 19 July 2092. Given that there were 66 years remaining we estimated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 not including fees.
Last Winter we were approach by Dr Sian Hall , who bought a studio apartment in Hungerford in May 2010. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Similar premises in Hungerford with a long lease were worth £201,200. The mid-range amount of ground rent was £55 collected annually. The lease expired on 5 February 2082. Given that there were 56 years left we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus professional charges.