There is no doubt about it a leasehold flat or house in Hawes is a wasting asset as a result of the shortening lease. If the lease has, over 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Hawes will qualify for this right; however a conveyancer will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Santander | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Hawes can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Hawes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Liam, started to get close to the 80-year threshold with the lease on his ground floor apartment in Hawes. Having bought his property 18 years previously, the unexpired term was of minimal importance. Thankfully, he noticed he would imminently be paying an inflated amount for a lease extension. Liam arranged for a lease extension just under the wire in August. Liam and the freeholder via the managing agents in the end agreed on sum of £6,000 . If the lease had descended below eighty years, the sum would have become more exhorbitant by at least £1,150.
In 2009 we were contacted by Mr W Dupont who, having completed a basement flat in Hawes in February 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Hawes with an extended lease were worth £166,400. The mid-range ground rent payable was £60 collected per annum. The lease ended in 2080. Considering the 54 years outstanding we calculated the premium to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of fees.
In 2009 we were contacted by Mr P Wright who, having took over the lease of a recently refurbished flat in Hawes in September 2000. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Hawes with a long lease were worth £232,800. The average amount of ground rent was £45 invoiced per annum. The lease ran out on 15 February 2091. Given that there were 65 years remaining we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of expenses.