As the length of the unexpired term of a Hampden Pk residential lease decreases so does its value and therefore the value of your property. If the lease has, more than one hundred years to run then this decrease may be negligible however there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Hampden Pk will qualify for this right; that being said a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Hampden Pk can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.
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 Hampden Pk lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Logan, started to get close to the eighty-year threshold with the lease on his two bedroom apartment in Hampden Pk. Having bought his flat two decades ago, the unexpired term was of no bearing. Fortunately, he noticed he needed to take steps soon on Extending the lease. Logan extended the lease just under the wire last August. Logan and the freeholder via the managing agents subsequently agreed on the final figure of £6,000 . If he not met the deadline, the amount would have gone up by at least £1,000.
In 2010 we were called by Mr and Mrs. R Lewis who, having took over the lease of a ground floor flat in Hampden Pk in September 2008. The question was if we could approximate the price could be for a 90 year extension to my lease. Identical premises in Hampden Pk with a long lease were in the region of £208,600. The average ground rent payable was £60 billed per annum. The lease ended on 14 November 2082. Given that there were 57 years remaining we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including expenses.
Ms Holly Murphy moved into a recently refurbished apartment in Hampden Pk in November 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Hampden Pk with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 billed annually. The lease expired on 2 February 2102. Given that there were 77 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.