The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hungerford can extend the lease for a further 90 years under Leasehold Reform legislation. Please give careful consideration before delaying your Hungerford lease extension. Shelving the costs today simply escalates the amount you will eventually have to pay to extend the lease.
Leasehold residencies in Hungerford with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| TSB |
Lease extensions in Hungerford can be a difficult process. We recommend you obtain 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 procuring Hungerford 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 6 months of lengthy negotiations with the landlord of her one bedroom apartment in Hungerford, Isabella started the lease extension process as the eighty year deadline was rapidly approaching. The legal work was finalised in April 2010. The landlord’s fees were restricted to approximately 550 pounds.
In 2009 we were contacted by Dr H Wright who, having took over the lease of a basement flat in Hungerford in May 2007. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable homes in Hungerford with a long lease were in the region of £240,600. The average amount of ground rent was £65 billed per annum. The lease ran out on 19 July 2088. Given that there were 62 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus costs.
In 2010 we were contacted by Dr Y Fournier who, having purchased a newly refurbished apartment in Hungerford in June 2005. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative homes in Hungerford with a long lease were worth £181,600. The average amount of ground rent was £55 invoiced annually. The lease elapsed on 3 April 2078. Considering the 52 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.