Haddenham leases on domestic deteriorating in value. Where your lease has about ninety years left, 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 standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Haddenham will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are also strict deadlines and steps to follow once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold properties in Haddenham with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
The conveyancers that we work with undertake Haddenham 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 conveyancer we work with provide it.
In recent months Jayden, came perilously close to the 80-year mark with the lease on his leasehold flat in Haddenham. Having bought his flat two decades ago, the unexpired term was of little importance. Luckily, he became aware that he would soon be paying an escalated premium for a lease extension. Jayden arranged for a lease extension just in the nick of time last July. Jayden and the landlord in the end agreed on sum of £6,000 . If the lease had slipped to less than eighty years, the price would have escalated by at least £875.
Dr I Anderson acquired a first floor flat in Haddenham in March 1995. The question was if we could approximate the premium would be to prolong the lease by an additional years. Comparable flats in Haddenham with 100 year plus lease were valued around £210,000. The mid-range amount of ground rent was £50 collected quarterly. The lease lapsed in 2106. Considering the 80 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.
Dr Maisie González moved into a studio flat in Haddenham in June 2011. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical residencies in Haddenham with an extended lease were valued around £275,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease elapsed in 2095. Considering the 69 years left we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.