Hathern 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. It is the case that most Hathern tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Hathern you really ought to investigate if your lease has between seventy and ninety years left. There are good reasons why a Hathern flat owner with a lease having around eighty years left should take steps to make sure that a lease extension is put in place without delay
It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Hathern can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Hathern lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Finley, came very near to the 80-year threshold with the lease on his two bedroom flat in Hathern. In buying his property two decades ago, the unexpired term was of minimal concern. Fortunately, he noticed he needed to take action soon on Extending the lease. Finley extended the lease just ahead of time last June. Finley and the freeholder subsequently agreed on the final figure of £5,000 . If he had missed the deadline, the price would have escalated by at least £975.
Last Autumn we were contacted by Mr and Mrs. S Nguyen , who took over the lease of a studio apartment in Hathern in February 2007. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical premises in Hathern with a long lease were in the region of £250,400. The average amount of ground rent was £65 billed every twelve months. The lease came to a finish on 7 February 2089. Taking into account 64 years remaining we approximated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 plus expenses.
Last Christmas we were phoned by Mr and Mrs. S Taylor , who was assigned a lease of a first floor apartment in Hathern in June 2008. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparative premises in Hathern with 100 year plus lease were in the region of £189,000. The average amount of ground rent was £55 collected annually. The lease elapsed on 14 August 2078. Taking into account 53 years remaining we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of costs.