The re-sale value of a leasehold property in Hartlebury depends on how long the lease has remaining. If it is near to or less than eighty years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension prior to buying. It is ideal to start the process of extending the lease is when the lease still has 82 years to run so that formalities can be finalised well before the 80 year threshold. Leasehold Reform legislation enables Hartlebury qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Retaining our service will provide you increased control over the value of your Hartlebury leasehold, as your property will be more valuable and saleable in terms of 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.
Last year Oscar, came very close to the eighty-year threshold with the lease on his garden flat in Hartlebury. Having bought his home two decades ago, the unexpired term was of no interest. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Oscar arranged for a lease extension just under the wire in April. Oscar and the landlord eventually settled on the final figure of £5,000 . If the lease had dropped below 80 years, the figure would have gone up by at least £1,125.
Mr and Mrs. V Khan took over the lease of a first floor apartment in Hartlebury in April 2003. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparative properties in Hartlebury with a long lease were worth £233,200. The mid-range amount of ground rent was £60 billed monthly. The lease concluded in 2087. Having 61 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 not including legals.
Mr and Mrs. V Rodríguez acquired a one bedroom apartment in Hartlebury in August 2012. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Identical flats in Hartlebury with a long lease were in the region of £171,800. The average ground rent payable was £55 invoiced yearly. The lease expiry date was in 2076. Given that there were 50 years left we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including professional charges.