The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Hackbridge can extend the lease for a further ninety years under statute. Please think carefully before delaying your Hackbridge lease extension. Putting off the costs today simply increases the price you will eventually have to pay for a lease extension.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Skipton Building Society | |
| TSB |
The conveyancers that we work with handle Hackbridge 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.
Samuel was the the leasehold proprietor of a conversion flat in Hackbridge being marketed with a lease of a few days over 59 years remaining. Samuel informally contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Samuel to exercise his statutory right. Samuel obtained expert legal guidance and secured an acceptable deal informally and sell the property.
Dr Sebastian Hernández was assigned a lease of a one bedroom apartment in Hackbridge in October 2001. The dilemma was if we could approximate the price could be to extend the lease by 90 years. Comparative properties in Hackbridge with 100 year plus lease were valued around £290,000. The average ground rent payable was £45 billed monthly. The lease elapsed in 2099. Taking into account 73 years unexpired we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.
An example of a Freehold Enfranchisement decision for a Hackbridge premises is 21 & 23 Carshalton Grove in May 2009. the Tribunal adopted the figures presented as the premiums payable by the Applicant i.e. a total of £20,750. This case related to 2 flats. The unexpired term as at the valuation date was 72 years.