When it comes to long leasehold property in Hayes, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater especially once there are fewer than eighty years remaining. Anyone in Hayes with a lease approaching 81 years remaining should seriously think of extending it as soon as possible. When a lease has under eighty years remaining, under the relevant Act the freeholder can calculate and charge a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with in excess of 100 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 equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works |
Engaging our service gives you increased control over the value of your Hayes leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the landlord of her one bedroom flat in Hayes, Shannon started the lease extension process as the 80 year deadline was fast coming. The legal work completed in February 2008. The freeholder’s costs were restricted to below 500 GBP.
Last month we were contacted by Mrs T Bonnet , who acquired a first floor apartment in Hayes in September 2004. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative homes in Hayes with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 collected yearly. The lease lapsed in 2101. Having 75 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.
An example of a Freehold Enfranchisement case for a Hayes property 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 unexpired residue of the current lease was 69 years.