The closer a residential lease in Henfield gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Henfield will meet the qualifying criteria; nevertheless a lawyer will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Henfield with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society |
Lease extensions in Henfield can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 in-depth market knowledge dealing with Henfield 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 owner of a studio flat in Henfield on the market with a lease of a little over 61 years remaining. Ollie informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ollie to exercise his statutory right. Ollie procured expert advice and secured satisfactory deal without going to tribunal and sell the flat.
Last Spring we were called by Mr and Mrs. Y Nguyen , who was assigned a lease of a basement flat in Henfield in August 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparable flats in Henfield with 100 year plus lease were worth £201,200. The mid-range amount of ground rent was £55 collected per annum. The lease ran out in 2082. Having 56 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including fees.
In 2014 we were e-mailed by Ms Alice Cooper who, having took over the lease of a ground floor apartment in Henfield in November 1997. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Henfield with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired in 2102. Given that there were 76 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.