Hoddesdon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hoddesdon residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hoddesdon you really ought to investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a Hoddesdon flat owner with a lease having around eighty years remaining should take steps to make sure that a lease extension is effected without delay
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| Virgin |
The lawyers that we work with procure Hoddesdon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
18 months ago Toby, came seriously near to the eighty-year mark with the lease on his one bedroom flat in Hoddesdon. In buying his property 19 years ago, the unexpired term was of minimal significance. Thankfully, he recognised he needed to take action soon on Extending the lease. Toby extended the lease just under the wire in September. Toby and the freeholder via the management company ultimately agreed on the final figure of £5,500 . If the lease had fallen below 80 years, the sum would have become more costly by a minimum £850.
Mr and Mrs. I Nelson owned a studio apartment in Hoddesdon in March 2005. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable residencies in Hoddesdon with a long lease were worth £246,800. The mid-range amount of ground rent was £60 collected annually. The lease concluded on 9 September 2076. Given that there were 50 years as a residual term we calculated the premium to the landlord to extend the lease to be within £44,700 and £51,600 not including legals.
Mr and Mrs. F Lambert took over the lease of a basement apartment in Hoddesdon in June 2000. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Identical homes in Hoddesdon with 100 year plus lease were worth £203,200. The average amount of ground rent was £65 collected per annum. The lease finished on 20 January 2087. Having 61 years left we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus costs.