Herne Bay leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Flat owners in Herne Bay will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some situations you may not qualify. There are prescribed deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
Leasehold properties in Herne Bay with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Halifax | |
| Santander | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Herne Bay,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Herne Bay valuers.
Subsequent to unsuccessful correspondence with the landlord of her purpose-built apartment in Herne Bay, Kate started the lease extension process just as her lease was coming close to the critical eighty-year threshold. The lease extension was concluded in March 2014. The freeholder’s fees were kept to an absolute minimum.
Last year we were e-mailed by Mr D Clarke , who moved into a studio flat in Herne Bay in January 1997. We are asked if we could approximate the price could be to prolong the lease by ninety years. Similar homes in Herne Bay with an extended lease were valued around £223,400. The mid-range ground rent payable was £60 invoiced quarterly. The lease ran out on 20 January 2085. Taking into account 59 years remaining we calculated the premium to the landlord for the lease extension to be within £27,600 and £31,800 not including professional charges.
Last month we were contacted by Dr G Ramírez , who purchased a newly refurbished apartment in Herne Bay in November 1995. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable properties in Herne Bay with an extended lease were worth £205,000. The mid-range ground rent payable was £50 collected quarterly. The lease terminated on 16 May 2105. Taking into account 79 years left we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including legals.