Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Haydock. Inevitably, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Haydock have the legal entitlement to extend the lease for an additional 90 years under statute. Please give due consideration before putting off your Haydock lease extension. Putting off the cost now only increases the price you will eventually have to pay for a lease extension
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Haydock can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 dealing with Haydock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted discussions with the landlord of her first floor flat in Haydock, Francesca initiated the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in February 2014. The landlord’s charges were kept to an absolute minimum.
Last Spring we were called by Mr and Mrs. O Howard , who owned a one bedroom apartment in Haydock in May 2003. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Haydock with a long lease were valued about £255,000. The average ground rent payable was £50 billed every twelve months. The lease ended on 11 November 2095. Taking into account 70 years left we calculated the compensation to the freeholder to extend the lease to be between £10,500 and £12,000 plus expenses.
Ms Abbie Morgan purchased a one bedroom flat in Haydock in March 2007. We are asked if we could estimate the price would be to extend the lease by 90 years. Similar premises in Haydock with a long lease were valued about £246,800. The average amount of ground rent was £60 billed per annum. The lease termination date was on 5 May 2075. Taking into account 50 years unexpired we estimated the premium to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of expenses.