With a domestic leasehold premises in Haslington, you are in fact renting it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are less than eighty years remaining. Anyone in Haslington with a lease drawing near to 81 years left should seriously consider extending it without delay. When the lease term has under 80 years left, under the current statute the landlord is entitled to calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold residencies in Haslington with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Haslington can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Haslington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the freeholder of her leasehold apartment in Haslington, Abbie started the lease extension process as the 80 year deadline was quickly coming. The lease extension was finalised in May 2008. The freeholder’s charges were kept to an absolute minimum.
In 2013 we were approached by Mr and Mrs. V Young who, having moved into a ground floor apartment in Haslington in October 2011. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in Haslington with an extended lease were worth £208,600. The average ground rent payable was £60 collected quarterly. The lease finished on 9 January 2082. Taking into account 57 years unexpired we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.
Mr and Mrs. R Sánchez moved into a basement apartment in Haslington in July 2001. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Similar homes in Haslington with 100 year plus lease were valued around £200,000. The mid-range ground rent payable was £50 collected annually. The lease terminated in 2102. Taking into account 77 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.