There is no doubt about it a leasehold flat or house in Haydon Bridge is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 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 main rational as to why you should consider extending without delay. The majority of flat owners in Haydon Bridge will meet the qualifying criteria; nevertheless a conveyancer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Haydon Bridge with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Virgin |
Engaging our service will provide you enhanced control over the value of your Haydon Bridge leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Luke, started to get near to the 80-year threshold with the lease on his studio flat in Haydon Bridge. Having bought his flat 18 years previously, the unexpired term was of little interest. by good luck, he became aware that he would imminently be paying an escalated premium for a lease extension. Luke arranged for a lease extension just ahead of time in January. Luke and the landlord who owned the flat above ultimately settled on a premium of £5,000 . If he had missed the deadline, the price would have increased by at least £1,100.
In 2009 we were approached by Mr and Mrs. V Lefèvre who, having owned a studio apartment in Haydon Bridge in January 2007. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical flats in Haydon Bridge with an extended lease were in the region of £166,400. The average amount of ground rent was £60 collected per annum. The lease elapsed on 28 August 2080. Having 54 years left we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus professional charges.
Last Autumn we were e-mailed by Mr and Mrs. U Howard , who was assigned a lease of a ground floor flat in Haydon Bridge in July 2004. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar flats in Haydon Bridge with a long lease were worth £227,800. The average ground rent payable was £45 billed monthly. The lease lapsed on 27 January 2091. Given that there were 65 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.