Haslington leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Haslington enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Haslington you really ought to see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with over 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 left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Using our service will provide you better control over the value of your Haslington leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of protracted correspondence with the landlord of her two bedroom flat in Haslington, Millie started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The transaction was concluded in July 2007. The landlord’s costs were restricted to slightly above 550 GBP.
Mr and Mrs. Y Thompson took over the lease of a first floor apartment in Haslington in June 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Haslington with a long lease were worth £225,800. The average ground rent payable was £60 billed quarterly. The lease concluded on 27 May 2086. Considering the 60 years left we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 plus legals.
In 2010 we were e-mailed by Mr and Mrs. C François who, having purchased a ground floor apartment in Haslington in October 2002. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Similar homes in Haslington with 100 year plus lease were worth £210,000. The average ground rent payable was £50 collected yearly. The lease end date was on 25 October 2106. Having 80 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.