Hampden Pk leases on residential deteriorating in value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term falls 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 the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Hampden Pk will usually qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Hampden Pk with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Skipton Building Society | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with handle Hampden Pk 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.
Ibrahim was the the leasehold owner of a conversion apartment in Hampden Pk being sold with a lease of fraction over 61 years left. Ibrahim on an informal basis approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Ibrahim to exercise his statutory right. Ibrahim obtained expert advice and secured satisfactory resolution informally and sell the property.
Mrs Catherine Roberts completed a studio flat in Hampden Pk in August 1995. We are asked if we could approximate the price could be to extend the lease by ninety years. Identical homes in Hampden Pk with an extended lease were valued around £285,000. The mid-range amount of ground rent was £45 billed yearly. The lease finished in 2097. Given that there were 71 years remaining we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.
Last Spring we were phoned by Ms Naomi Sharif , who took over the lease of a one bedroom flat in Hampden Pk in May 2008. The question was if we could approximate the price could be to extend the lease by ninety years. Similar premises in Hampden Pk with an extended lease were in the region of £230,800. The mid-range amount of ground rent was £60 billed yearly. The lease terminated on 19 January 2086. Given that there were 60 years unexpired we estimated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 not including fees.