Unfortunately that a Hawarden residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Hawarden property market.Once your lease gets to 85ish years, you should start considering a lease extension. If lease term drops below eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Hawarden will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank |
Lease extensions in Hawarden can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 a wealth of experience procuring Hawarden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful discussions with the landlord of her garden apartment in Hawarden, Jennifer started the lease extension process as the 80 year threshold was swiftly nearing. The legal work was concluded in September 2007. The landlord’s charges were restricted to a tad over 650 pounds.
Mr and Mrs. L Mason acquired a studio flat in Hawarden in January 2003. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Identical homes in Hawarden with 100 year plus lease were worth £206,200. The mid-range ground rent payable was £60 invoiced per annum. The lease lapsed in 2082. Given that there were 56 years left we calculated the premium to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of legals.
Last September we were contacted by Mrs F Rivera , who owned a garden flat in Hawarden in February 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparable premises in Hawarden with an extended lease were valued about £300,000. The mid-range amount of ground rent was £50 collected yearly. The lease came to a finish on 23 July 2102. Having 76 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including legals.