Hurst Green leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Hurst Green will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Yorkshire Building Society |
Lease extensions in Hurst Green can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 in-depth market knowledge dealing with Hurst Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Felix owned a 2 bedroom flat in Hurst Green on the market with a lease of fraction over 59 years outstanding. Felix on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Felix to exercise his statutory right. Felix obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2009 we were e-mailed by Dr Charlie Dupont who, having purchased a one bedroom apartment in Hurst Green in October 2006. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Comparable premises in Hurst Green with an extended lease were in the region of £230,800. The mid-range ground rent payable was £60 collected every twelve months. The lease elapsed on 5 May 2086. Taking into account 60 years remaining we approximated the compensation to the landlord to extend the lease to be between £24,700 and £28,600 not including fees.
In 2013 we were called by Mr and Mrs. B Sánchez who, having completed a purpose-built flat in Hurst Green in November 1996. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparative residencies in Hurst Green with an extended lease were worth £210,000. The mid-range ground rent payable was £50 billed monthly. The lease terminated on 11 May 2106. Taking into account 80 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.