When it comes to domestic leasehold premises in Hatton Park, you are actually buying a right to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially once there are less than 80 years left. Anyone in Hatton Park with a lease approaching 81 years unexpired should seriously think of extending it sooner as opposed to later. Once a lease has under eighty years remaining, under the current Act the freeholder can calculate and levy a larger amount, based on a technical computation, known as “marriage value” which is payable.
Leasehold premises in Hatton Park with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Santander | |
| Skipton Building Society | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Hatton Park,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hatton Park valuers.
Dexter was the the leasehold proprietor of a conversion flat in Hatton Park being sold with a lease of just over 72 years outstanding. Dexter informally approached his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Ms Rosie Martin bought a garden apartment in Hatton Park in October 2004. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Comparable premises in Hatton Park with a long lease were valued around £235,200. The average amount of ground rent was £45 invoiced every twelve months. The lease ended on 25 September 2092. Taking into account 66 years outstanding we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.
Last June we were approach by Mr and Mrs. U Norbert , who took over the lease of a first floor apartment in Hatton Park in February 2009. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in Hatton Park with an extended lease were valued around £280,000. The average amount of ground rent was £55 billed quarterly. The lease came to a finish on 13 May 2103. Taking into account 77 years remaining we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.