As the the remaining lease term of a Hedge End domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Most flat owners in Hedge End will qualify for this right; that being said a conveyancing solicitor should be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Hedge End with in excess of one hundred years left on the lease are sometimes 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 estate charges merit it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Hedge End,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hedge End valuers.
In recent months Leo, came dangerously close to the 80-year mark with the lease on his one bedroom apartment in Hedge End. In buying his home twenty years previously, the lease term was of minimal significance. Luckily, he noticed he needed to take action soon on a lease extension. Leo extended the lease just ahead of time last August. Leo and the landlord who owned the flat above ultimately agreed on a premium of £6,000 . If the lease had slid to less than eighty years, the sum would have escalated by at least £1,100.
Dr N Garcia completed a first floor apartment in Hedge End in March 2003. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Similar homes in Hedge End with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 invoiced annually. The lease came to a finish in 2092. Taking into account 66 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.
In 2014 we were contacted by Mr and Mrs. K Reed who, having completed a garden apartment in Hedge End in May 2009. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical premises in Hedge End with a long lease were in the region of £275,000. The average amount of ground rent was £55 billed per annum. The lease came to a finish in 2103. Given that there were 77 years unexpired we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus expenses.