Hanham residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.
Leasehold properties in Hanham with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a landlord in Hanham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hanham valuers.
Luca was the the leasehold proprietor of a conversion apartment in Hanham on the market with a lease of a little over sixty years unexpired. Luca informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luca to invoke his statutory right. Luca obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
In 2011 we were e-mailed by Dr G Gómez who, having was assigned a lease of a studio apartment in Hanham in March 2011. The question was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Comparative flats in Hanham with 100 year plus lease were valued around £250,000. The average amount of ground rent was £50 collected per annum. The lease ran out on 1 July 2094. Taking into account 68 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 not including fees.
Mr and Mrs. O Hernández took over the lease of a basement flat in Hanham in November 2005. The question was if we could approximate the price would be to extend the lease by 90 years. Identical residencies in Hanham with an extended lease were worth £285,000. The average ground rent payable was £55 collected yearly. The lease expiry date was in 2105. Having 79 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.