With a residential leasehold property in Hazlemere, you are actually buying an entitlement to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably once there are less than eighty years remaining. Leasehold owners in Hazlemere with a lease drawing near to 81 years left should seriously consider extending it sooner rather than later. When a lease has less than eighty years remaining, under the relevant Act the landlord is entitled to calculate and demand a greater premium, based on a technical computation, known as “marriage value” which is due.
It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.
|Barnsley Building Society||60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.|
|Birmingham Midshires||Minimum 70 years from the date of the mortgage.|
|Coventry Building Society||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.|
|Leeds Building Society||85 years remaing from the start of the mortgage.|
|Yorkshire Building Society||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
Lease extensions in Hazlemere can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 dealing with Hazlemere lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the freeholder of her garden flat in Hazlemere, Millie initiated the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The legal work completed in March 2007. The landlord’s fees were negotiated to a tad over 500 GBP.
Last Summer we were called by Mr and Mrs. M François , who acquired a ground floor flat in Hazlemere in March 1998. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Similar flats in Hazlemere with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 collected monthly. The lease lapsed on 3 March 2092. Having 71 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.
In 2014 we were contacted by Ms Mollie Ramírez who, having purchased a ground floor flat in Hazlemere in January 2010. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Hazlemere with 100 year plus lease were in the region of £230,800. The average ground rent payable was £60 billed every twelve months. The lease expired in 2081. Given that there were 60 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £24,700 and £28,600 exclusive of legals.