Hemel Hempstead residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.
Leasehold premises in Hemel Hempstead with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Skipton Building Society | |
| Virgin |
Retaining our service will provide you better control over the value of your Hemel Hempstead leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful correspondence with the freeholder of her studio flat in Hemel Hempstead, Alice started the lease extension process as the eighty year threshold was swiftly coming. The legal work was concluded in June 2008. The freeholder’s charges were kept to an absolute minimum.
Last Winter we were contacted by Mrs A Sharif , who purchased a one bedroom flat in Hemel Hempstead in October 2008. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative flats in Hemel Hempstead with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 billed per annum. The lease lapsed in 2100. Having 74 years unexpired we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.
Mr and Mrs. U André bought a one bedroom flat in Hemel Hempstead in September 2008. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Identical residencies in Hemel Hempstead with a long lease were worth £166,400. The average amount of ground rent was £60 collected yearly. The lease expired on 9 July 2080. Given that there were 54 years outstanding we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of legals.