The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hexham may extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Hexham lease extension. Shelving the costs now simply increases the premium you will ultimately be required to pay to extend the lease.
Leasehold premises in Hexham with more than one hundred years unexpired on the lease are sometimes regarded as a ‘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 freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Hexham can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Hexham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Logan was the the leasehold proprietor of a 2 bedroom apartment in Hexham being marketed with a lease of fraction over fifty eight years outstanding. Logan on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. No ground rent would be due on a lease extension were Logan to exercise his statutory right. Logan obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
In 2013 we were e-mailed by Mr and Mrs. T Murphy who, having purchased a newly refurbished apartment in Hexham in September 2007. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparative flats in Hexham with 100 year plus lease were valued around £216,000. The mid-range amount of ground rent was £60 billed monthly. The lease concluded in 2084. Taking into account 58 years left we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.
Dr Callum Mason was assigned a lease of a one bedroom apartment in Hexham in July 2002. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable flats in Hexham with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 collected annually. The lease elapsed on 9 August 2104. Taking into account 78 years remaining we approximated the compensation to the landlord to extend the lease to be between £7,600 and £8,800 plus legals.