Huntingdon leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Huntingdon tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Huntingdon you really ought to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Huntingdon leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
The lawyers that we work with undertake Huntingdon 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 Summer Kian, came dangerously near to the eighty-year threshold with the lease on his basement apartment in Huntingdon. In buying his flat two decades ago, the lease term was of minimal relevance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Kian arranged for a lease extension just in the nick of time last June. Kian and the freeholder eventually agreed on the final figure of £5,500 . If he not met the deadline, the amount would have escalated by at least £875.
Mrs J Cooper bought a basement flat in Huntingdon in July 2012. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparable premises in Huntingdon with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 invoiced annually. The lease concluded in 2099. Given that there were 73 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.
In 2012 we were e-mailed by Mr Matthew Phillips who, having was assigned a lease of a ground floor flat in Huntingdon in February 2009. We are asked if we could estimate the price could be for a 90 year lease extension. Identical homes in Huntingdon with a long lease were worth £240,600. The mid-range ground rent payable was £60 billed yearly. The lease expired on 14 May 2088. Taking into account 62 years remaining we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 not including professional charges.