Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Hale. Inevitably, the term of lease remaining shortens as time goes by. This is often overlooked and only raises itself as an issue when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Hale have the right to extend the lease for a further ninety years in accordance with legislation. Please give careful deliberation before delaying your Hale lease extension. Putting off the cost now simply increases the price you will ultimately have to pay for a lease extension
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Hale can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Hale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Ben, came dangerously close to the eighty-year threshold with the lease on his one bedroom apartment in Hale. In buying his flat 19 years previously, the lease term was of no bearing. As luck would have it, he became aware that he would imminently be paying an inflated amount for Extending the lease. Ben was able to extend his lease just ahead of time in May. Ben and the freeholder ultimately agreed on sum of £6,000 . If the lease had descended lower than eighty years, the price would have gone up by at least £1,025.
In 2009 we were e-mailed by Dr H García who, having owned a one bedroom flat in Hale in August 2005. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical flats in Hale with 100 year plus lease were valued around £295,000. The average amount of ground rent was £45 invoiced per annum. The lease expiry date was on 26 November 2100. Considering the 74 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.
Last Spring we were contacted by Mrs Jordan Roux , who acquired a recently refurbished apartment in Hale in August 1997. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparable flats in Hale with an extended lease were worth £243,000. The mid-range ground rent payable was £65 billed every twelve months. The lease finished in 2089. Given that there were 63 years remaining we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including fees.