As the the remaining lease term of a Hanham domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Hanham will meet the qualifying criteria; that being said a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Hanham with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service gives you enhanced control over the value of your Hanham leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Jayden owned a conversion apartment in Hanham on the market with a lease of a few days over 61 years unexpired. Jayden on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Jayden to exercise his statutory right. Jayden procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.
Last year we were e-mailed by Mr and Mrs. A Dupont , who moved into a studio apartment in Hanham in June 1997. The dilemma was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable homes in Hanham with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 billed every twelve months. The lease finished on 22 July 2086. Having 60 years left we estimated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus fees.
In 2014 we were approached by Mr C Bertrand who, having bought a first floor flat in Hanham in July 2012. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical properties in Hanham with an extended lease were valued around £260,000. The average amount of ground rent was £50 billed yearly. The lease lapsed on 7 May 2097. Given that there were 71 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.