Hebden Bridge leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Hebden Bridge will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and steps to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Hebden Bridge with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance 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. |
| 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. |
| Halifax | 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Hebden Bridge can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.
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 Hebden Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ollie was the the leasehold proprietor of a conversion flat in Hebden Bridge being marketed with a lease of fraction over 59 years unexpired. Ollie on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Ollie to invoke his statutory right. Ollie procured expert legal guidance and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
In 2013 we were e-mailed by Ms J Martinez who, having moved into a ground floor apartment in Hebden Bridge in April 2006. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in Hebden Bridge with an extended lease were worth £208,200. The average ground rent payable was £65 collected per annum. The lease elapsed in 2087. Taking into account 61 years unexpired we approximated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of fees.
Last Christmas we were called by Dr Y Torres , who purchased a newly refurbished flat in Hebden Bridge in September 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Comparative premises in Hebden Bridge with 100 year plus lease were valued about £260,000. The average amount of ground rent was £50 invoiced monthly. The lease elapsed on 1 January 2098. Considering the 72 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.