With a residential leasehold premises in Hatton Park, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Residents in Hatton Park with a lease nearing 81 years unexpired should seriously think of extending it without delay. Once the lease term has under 80 years left, under the relevant Act the freeholder can calculate and demand a larger amount, based on a technical multiplication, known as “marriage value” which is payable.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Hatton Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hatton Park valuers.
Jasper was the the leasehold owner of a high value flat in Hatton Park being marketed with a lease of just over sixty years left. Jasper informally approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Jasper to exercise his statutory right. Jasper obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
Last Winter we were approach by Mr Kai López , who purchased a recently refurbished flat in Hatton Park in April 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Identical premises in Hatton Park with an extended lease were in the region of £280,000. The average amount of ground rent was £55 invoiced yearly. The lease came to a finish on 7 March 2104. Having 78 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.
Mr and Mrs. R Wilson purchased a purpose-built apartment in Hatton Park in April 2007. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparative residencies in Hatton Park with an extended lease were valued about £191,000. The mid-range ground rent payable was £65 collected per annum. The lease ran out on 25 July 2084. Considering the 58 years outstanding we approximated the premium to the freeholder for the lease extension to be between £23,800 and £27,400 not including expenses.