When it comes to long leasehold property in Hingham, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly when there are less than 80 years left. Residents in Hingham with a lease approaching 81 years unexpired should seriously consider extending it sooner rather than later. When a lease has under 80 years left, under the current legislation the freeholder can calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Halifax | |
| Santander | |
| Virgin |
Lease extensions in Hingham can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Hingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex owned a conversion apartment in Hingham being sold with a lease of a little over 72 years outstanding. Alex on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Alex to invoke his statutory right. Alex procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.
Dr A Roberts bought a ground floor apartment in Hingham in August 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Hingham with 100 year plus lease were worth £237,600. The mid-range ground rent payable was £45 invoiced per annum. The lease termination date was on 25 May 2093. Having 67 years remaining we calculated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus expenses.
Last Christmas we were approach by Mr and Mrs. S Bennett , who moved into a recently refurbished flat in Hingham in March 2002. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Similar flats in Hingham with an extended lease were in the region of £280,000. The average amount of ground rent was £55 collected quarterly. The lease elapsed on 2 February 2104. Considering the 78 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.