Hyde Park leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Hyde Park will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold premises in Hyde Park with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a freeholder in Hyde Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hyde Park valuers.
Subsequent to lengthy negotiations with the landlord of her leasehold apartment in Hyde Park, Rosie commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The lease extension was concluded in July 2010. The freeholder’s charges were kept to an absolute minimum.
Ms Molly Ricardo acquired a newly refurbished flat in Hyde Park in April 1997. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Similar homes in Hyde Park with an extended lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease end date was on 2 October 2102. Taking into account 78 years outstanding we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.
Mr and Mrs. D Nelson completed a one bedroom flat in Hyde Park in February 1996. The question was if we could estimate the premium would likely be to prolong the lease by an additional years. Similar properties in Hyde Park with 100 year plus lease were in the region of £186,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease came to a finish on 22 April 2082. Considering the 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 exclusive of fees.