Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Ham. Clearly, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the property needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Ham have the right to extend the lease for an additional 90 years under statute. Do give due deliberation before delaying your Ham lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to 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. |
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in Ham can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 procuring Ham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ibrahim was the the leasehold proprietor of a high value apartment in Ham being sold with a lease of fraction over 61 years outstanding. Ibrahim informally approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Ibrahim to exercise his statutory right. Ibrahim procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Dr Louise Simon was assigned a lease of a recently refurbished apartment in Ham in June 2000. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative homes in Ham with a long lease were valued around £174,200. The mid-range amount of ground rent was £55 invoiced quarterly. The lease terminated in 2077. Given that there were 51 years remaining we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus fees.
An example of a Lease Extension decision for a Ham premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.