Hackenthorpe leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Hackenthorpe will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Hackenthorpe with more than one hundred years remaining on the lease are often 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 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. |
Irrespective of whether you are a tenant or a landlord in Hackenthorpe,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hackenthorpe valuers.
Off the back of protracted negotiations with the landlord of her purpose-built apartment in Hackenthorpe, Kelsey started the lease extension process just as her lease was coming close to the crucial 80-year mark. The transaction was finalised in February 2011. The landlord’s charges were kept to an absolute minimum.
Mr and Mrs. A Lefèvre completed a garden flat in Hackenthorpe in June 2001. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable residencies in Hackenthorpe with 100 year plus lease were valued about £176,200. The mid-range ground rent payable was £65 collected monthly. The lease lapsed on 22 April 2081. Given that there were 56 years remaining we estimated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 plus expenses.
Last Christmas we were contacted by Dr F Mason , who took over the lease of a first floor flat in Hackenthorpe in May 2005. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Similar residencies in Hackenthorpe with an extended lease were worth £242,600. The average amount of ground rent was £45 billed per annum. The lease lapsed in 2092. Considering the 67 years outstanding we calculated the premium to the landlord to extend the lease to be within £11,400 and £13,200 plus professional charges.