East Hunsbury 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 becomes more expensive. The majority of owners of residential leasehold property in East Hunsbury enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in East Hunsbury you really ought to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value
Leasehold residencies in East Hunsbury with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Yorkshire Building Society |
The lawyers that we work with procure East Hunsbury 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 conveyancing solicitor we work with provide it.
Following unsuccessful discussions with the freeholder of her basement apartment in East Hunsbury, Lily commenced the lease extension process as the 80 year mark was rapidly coming. The legal work was concluded in June 2007. The freeholder’s fees were negotiated to under five hundred pounds.
Dr Y Murphy bought a one bedroom apartment in East Hunsbury in September 1999. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Comparative properties in East Hunsbury with a long lease were in the region of £183,600. The mid-range ground rent payable was £65 collected annually. The lease ended in 2083. Given that there were 57 years outstanding we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.
In 2014 we were contacted by Mr Isaac Edwards who, having purchased a one bedroom flat in East Hunsbury in February 2003. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable residencies in East Hunsbury with a long lease were in the region of £245,000. The average amount of ground rent was £50 billed quarterly. The lease elapsed in 2094. Taking into account 68 years remaining we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.