Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Hazel Grove. Inevitably, the period of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the property has to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Hazel Grove have the legal entitlement to extend the lease for a further ninety years under statute. You should give careful attention before putting off your Hazel Grove lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Hazel Grove can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Hazel Grove lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Harrison, started to get close to the 80-year mark with the lease on his one bedroom apartment in Hazel Grove. Having bought his property two decades ago, the unexpired term was of minimal concern. Luckily, he noticed he would imminently be paying an escalated premium for a lease extension. Harrison arranged for a lease extension at the eleventh hour in March. Harrison and the freeholder ultimately agreed on a premium of £5,000 . If he had missed the deadline, the price would have escalated by a minimum £1,125.
Dr Harrison Khan owned a one bedroom flat in Hazel Grove in February 1999. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Comparable properties in Hazel Grove with an extended lease were worth £265,000. The average ground rent payable was £50 collected per annum. The lease finished in 2099. Given that there were 73 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.
Last Summer we were approach by Mr and Mrs. G Kelly , who took over the lease of a garden flat in Hazel Grove in May 1997. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable residencies in Hazel Grove with 100 year plus lease were in the region of £264,000. The mid-range ground rent payable was £60 billed monthly. The lease expired in 2079. Taking into account 53 years remaining we calculated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 not including professional charges.