The closer a domestic lease in Hayling Island gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over one hundred years remaining then this decrease may be of little impact 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 known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Hayling Island will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you better control over the value of your Hayling Island leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted negotiations with the freeholder of her garden flat in Hayling Island, Lauren started the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension completed in November 2015. The landlord’s fees were kept to an absolute minimum.
Mr O Bernard purchased a one bedroom apartment in Hayling Island in February 2008. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Similar residencies in Hayling Island with a long lease were in the region of £227,800. The average amount of ground rent was £45 billed per annum. The lease ended on 13 March 2091. Having 65 years outstanding we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus expenses.
In 2013 we were contacted by Ms L Hall who, having took over the lease of a basement apartment in Hayling Island in February 1998. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Similar homes in Hayling Island with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease ran out on 23 July 2102. Having 76 years remaining we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.