Halewood leases on domestic properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher amount will be payable. Flat owners in Halewood will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly 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 decades to come.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Halewood can be a difficult process. We recommend you obtain guidance from a conveyancer 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 in-depth market knowledge dealing with Halewood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy discussions with the freeholder of her studio apartment in Halewood, Amelia initiated the lease extension process just as the lease was nearing the crucial eighty-year deadline. The transaction completed in November 2009. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. P Nguyen completed a recently refurbished flat in Halewood in May 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Halewood with a long lease were in the region of £218,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish in 2085. Given that there were 59 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of expenses.
Ms Gemma Gray took over the lease of a newly refurbished flat in Halewood in July 2007. The question was if we could estimate the premium would be for a ninety year lease extension. Comparative properties in Halewood with an extended lease were valued about £205,000. The average ground rent payable was £50 billed every twelve months. The lease elapsed on 21 March 2105. Having 79 years unexpired we estimated the compensation to the landlord for the lease extension to be within £7,600 and £8,800 not including fees.