Hartburn leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Hartburn will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Hartburn with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Using our service will provide you better control over the value of your Hartburn leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Sebastian owned a high value apartment in Hartburn being marketed with a lease of a little over fifty eight years left. Sebastian on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert advice and secured satisfactory resolution informally and readily saleable.
Mr Ben Morgan bought a basement flat in Hartburn in March 2006. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparable properties in Hartburn with 100 year plus lease were valued about £242,600. The average amount of ground rent was £45 invoiced per annum. The lease expired in 2093. Given that there were 67 years left we estimated the premium to the landlord for the lease extension to be within £11,400 and £13,200 exclusive of fees.
Dr James Campbell acquired a ground floor apartment in Hartburn in July 2011. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical properties in Hartburn with an extended lease were worth £280,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease elapsed on 1 June 2104. Considering the 78 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.