Hanslope residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Hanslope,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 in-depth market knowledge and the close ties they enjoy with Hanslope valuers.
George was the the leasehold proprietor of a high value flat in Hanslope on the market with a lease of fraction over 61 years remaining. George informally approached his freeholder a well known Bristol-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 rise in the rent to £200 annually. No ground rent would be due on a lease extension were George to invoke his statutory right. George obtained expert advice and secured an acceptable deal informally and sell the flat.
Mrs Nicole Baker bought a studio flat in Hanslope in April 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Hanslope with an extended lease were worth £260,200. The average amount of ground rent was £65 collected yearly. The lease came to a finish on 12 June 2092. Given that there were 66 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 not including expenses.
Last Christmas we were approach by Mrs Charlotte Rodríguez , who moved into a ground floor flat in Hanslope in January 2007. We are asked if we could estimate the price could be for a 90 year lease extension. Identical homes in Hanslope with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 collected per annum. The lease ended in 2081. Having 55 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of costs.