The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Haddenham may extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Haddenham lease extension. Putting off that expense now simply escalates the price you will ultimately be required to pay to extend the lease.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Haddenham,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Haddenham valuers.
After protracted correspondence with the landlord of her ground floor apartment in Haddenham, Maisie started the lease extension process as the eighty year deadline was swiftly coming. The transaction was concluded in January 2012. The freeholder’s fees were negotiated to a tad over 700 pounds.
Last Spring we were contacted by Mrs N Scott , who completed a studio apartment in Haddenham in May 2009. The question was if we could estimate the price could be to prolong the lease by 90 years. Similar residencies in Haddenham with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease expired in 2100. Having 75 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.
In 2012 we were approached by Mr Elijah Harris who, having acquired a basement flat in Haddenham in February 1999. The question was if we could approximate the premium would be to prolong the lease by 90 years. Similar residencies in Haddenham with an extended lease were in the region of £250,400. The mid-range amount of ground rent was £65 collected annually. The lease lapsed on 25 September 2089. Given that there were 64 years remaining we estimated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 plus expenses.