Top reasons for Hanworth lease extension
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Main reasons to start your Hanworth lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/hanworth">Hanworth</a> property value </h4>
<p> The nearer a domestic lease in Hanworth nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years to run then this decrease may be fractional that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Hanworth will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
<h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
<h4>Lending institutions may not issue a mortgage on a short lease</h4> Mortgage lenders have set criteria when lending funds charged on leasehold property. Many will simply refuse lend at all once the residual lease term drops below a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are seeking to refinance your Hanworth home.
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<tr><th>Lender</th>
<th> Requirement
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Hanworth? </h4>
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The conveyancing solicitors that we work with procure Hanworth 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 conveyancing solicitor we work with provide it.
<h4>
Hanworth Lease Extension Case Studies:
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<h5> Amy, Hanworth, North London,</h5>
<p> Following lengthy correspondence with the landlord of her one bedroom flat in Hanworth, Amy started the lease extension process as the 80 year deadline was quickly approaching. The lease extension was finalised in January 2006. The landlord’s charges were kept to an absolute minimum.
<h5>Hanworth case:</h5>
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Last Summer we were phoned by Mr Harvey García , who
took over the lease of a garden flat in Hanworth in February 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Hanworth with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 collected monthly. The lease elapsed on 25 April 2084. Taking into account 58 years outstanding we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.
<div> <h5>Decision in Hounslow</h5>
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An example of a Lease Extension decision for a Hanworth residence is
147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200
This case was in relation to 1 flat. The unexpired residue of the current lease was 82.93 years.
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