Haydock leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Haydock tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Haydock you should check if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| National Westminster Bank |
Using our service gives you increased control over the value of your Haydock leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the freeholder of her garden apartment in Haydock, Jennifer started the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension was concluded in October 2014. The freeholder’s charges were kept to an absolute minimum.
Dr M Clark completed a ground floor apartment in Haydock in February 1997. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparable flats in Haydock with a long lease were worth £176,200. The average ground rent payable was £65 collected per annum. The lease came to a finish in 2082. Considering the 56 years outstanding we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of fees.
Last year we were e-mailed by Mrs B Martinez , who took over the lease of a purpose-built flat in Haydock in October 1996. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Comparative flats in Haydock with an extended lease were worth £242,600. The mid-range ground rent payable was £45 invoiced monthly. The lease expiry date was on 6 March 2093. Given that there were 67 years remaining we calculated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of expenses.