Hebden Bridge leases on residential deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. If lease term is less than 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Hebden Bridge will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Hebden Bridge with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Hebden Bridge,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hebden Bridge valuers.
Isaac owned a studio apartment in Hebden Bridge on the market with a lease of a little over fifty eight years remaining. Isaac on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Isaac to exercise his statutory right. Isaac procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Mrs W Davies was assigned a lease of a garden flat in Hebden Bridge in March 2009. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Comparative flats in Hebden Bridge with an extended lease were in the region of £218,000. The average ground rent payable was £45 billed yearly. The lease lapsed in 2088. Considering the 63 years unexpired we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of fees.
Last Spring we were contacted by Dr I Hernández , who was assigned a lease of a basement flat in Hebden Bridge in March 1995. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Similar properties in Hebden Bridge with an extended lease were worth £265,000. The average ground rent payable was £55 invoiced yearly. The lease elapsed in 2099. Taking into account 74 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.