Hinton St George leases on domestic deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Hinton St George will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a freeholder in Hinton St George,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hinton St George valuers.
Subsequent to protracted discussions with the landlord of her two bedroom flat in Hinton St George, Courtney commenced the lease extension process just as the lease was approaching the all-important eighty-year mark. The legal work completed in March 2015. The landlord’s fees were kept to an absolute minimum.
In 2012 we were called by Mr C Hill who, having acquired a ground floor flat in Hinton St George in January 1998. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Similar flats in Hinton St George with a long lease were worth £205,000. The average amount of ground rent was £50 invoiced per annum. The lease ran out on 7 August 2104. Having 78 years unexpired we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.
Mr E Collins was assigned a lease of a studio apartment in Hinton St George in June 2004. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Hinton St George with a long lease were worth £267,600. The average amount of ground rent was £65 invoiced yearly. The lease terminated on 9 October 2093. Taking into account 67 years left we approximated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including costs.