Unfortunately that a Hazel Grove residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Hazel Grove property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher premium will be payable. Most flat owners in Hazel Grove will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Lease extensions in Hazel Grove can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with 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 Dylan, came precariously close to the eighty-year threshold with the lease on his studio apartment in Hazel Grove. Having bought his home two decades ago, the length of the lease was of little interest. by good luck, he became aware that he needed to take action soon on a lease extension. Dylan extended the lease just ahead of time in January. Dylan and the freeholder subsequently settled on sum of £6,000 . If he failed to meet the deadline, the price would have increased by at least £1,075.
Ms Rosie Sharif purchased a studio apartment in Hazel Grove in October 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative premises in Hazel Grove with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease elapsed on 27 April 2104. Having 78 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.
Mrs B Johnson was assigned a lease of a one bedroom apartment in Hazel Grove in October 2009. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical flats in Hazel Grove with a long lease were worth £191,000. The average amount of ground rent was £65 billed yearly. The lease concluded on 12 October 2084. Considering the 58 years left we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including professional charges.