The nearer a residential lease in Hawkhurst nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, in excess of 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Hawkhurst will qualify for this right; however a lawyer should 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 not been the owner of the property for two years.
It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Hawkhurst,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 Hawkhurst valuers.
In the wake of 9 months of unsuccessful discussions with the freeholder of her ground floor apartment in Hawkhurst, Catherine initiated the lease extension process just as the lease was approaching the critical 80-year threshold. The transaction was finalised in May 2013. The landlord’s charges were negotiated to a tad over 550 GBP.
In 2012 we were called by Mr Max Johnson who, having owned a one bedroom apartment in Hawkhurst in October 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Hawkhurst with a long lease were in the region of £246,800. The mid-range amount of ground rent was £60 invoiced yearly. The lease ended on 15 April 2076. Considering the 50 years outstanding we calculated the premium to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of costs.
Last Christmas we were phoned by Mr and Mrs. F Leroy , who acquired a newly refurbished apartment in Hawkhurst in January 2002. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Identical premises in Hawkhurst with 100 year plus lease were valued about £208,200. The average amount of ground rent was £65 billed quarterly. The lease expired on 11 September 2087. Taking into account 61 years remaining we estimated the premium to the landlord for the lease extension to be between £19,000 and £22,000 plus fees.