With a domestic leasehold premises in Hayes, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are fewer than eighty years remaining. Anyone in Hayes with a lease approaching 81 years remaining should seriously consider extending it sooner than later. Once the lease term has under 80 years outstanding, under the relevant statute the freeholder can calculate and charge a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold properties in Hayes with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Engaging our service will provide you enhanced control over the value of your Hayes leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Callum was the the leasehold owner of a studio apartment in Hayes on the market with a lease of a few days over fifty eight years outstanding. Callum on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Callum to exercise his statutory right. Callum obtained expert advice and secured satisfactory resolution informally and sell the property.
Last Christmas we were approach by Mr and Mrs. M Clark , who was assigned a lease of a one bedroom apartment in Hayes in January 2010. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical flats in Hayes with an extended lease were worth £205,000. The average ground rent payable was £50 collected monthly. The lease expired in 2105. Having 79 years left we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.
An example of a Freehold Enfranchisement matter before the tribunal for a Hayes residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The remaining number of years on the lease was 69 years.