The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hurst have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Hurst lease extension. Shelving that expense today simply increases the amount you will eventually be required to pay for a lease extension.
Leasehold residencies in Hurst with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Hurst can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 a wealth of experience procuring Hurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the landlord of her leasehold flat in Hurst, Molly initiated the lease extension process as the eighty year mark was quickly coming. The transaction was finalised in June 2009. The freeholder’s fees were kept to an absolute minimum.
Last September we were approach by Mr Joshua Roberts , who took over the lease of a garden flat in Hurst in February 2009. We are asked if we could approximate the premium would be to extend the lease by 90 years. Similar homes in Hurst with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 billed every twelve months. The lease expiry date was in 2086. Having 61 years remaining we calculated the premium to the landlord for the lease extension to be within £22,800 and £26,400 not including costs.
In 2013 we were approached by Mrs Kirsty Hall who, having owned a one bedroom apartment in Hurst in September 1996. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable premises in Hurst with an extended lease were in the region of £171,800. The average ground rent payable was £55 collected per annum. The lease came to a finish in 2075. Having 50 years remaining we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.