The only way is down when it comes to Hathern lease terms. Hathern properties that have a residual term lower than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will go up.
Leasehold properties in Hathern with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Hathern,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hathern valuers.
Trailing unsuccessful correspondence with the freeholder of her first floor flat in Hathern, Elizabeth commenced the lease extension process just as her lease was approaching the crucial 80-year deadline. The transaction was concluded in January 2011. The landlord’s fees were negotiated to under 700 GBP.
Mrs N Roux acquired a studio flat in Hathern in July 2007. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar properties in Hathern with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 billed every twelve months. The lease finished in 2095. Having 69 years unexpired we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.
Last Winter we were approach by Mr James Peterson , who acquired a garden apartment in Hathern in July 2001. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparable premises in Hathern with 100 year plus lease were worth £216,000. The mid-range amount of ground rent was £60 collected monthly. The lease finished on 26 May 2084. Given that there were 58 years remaining we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.