For anyone whose Hope property is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.
Leasehold residencies in Hope with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Hope can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge dealing with Hope lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her basement flat in Hope, Sarah started the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction completed in November 2009. The freeholder’s costs were restricted to below 650 GBP.
Last year we were e-mailed by Ms N Díaz , who acquired a studio flat in Hope in February 2012. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable premises in Hope with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 invoiced monthly. The lease finished on 13 June 2092. Having 66 years outstanding we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.
In 2012 we were approached by Mr and Mrs. U Laurent who, having took over the lease of a first floor flat in Hope in August 2005. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Comparable properties in Hope with an extended lease were in the region of £280,000. The average amount of ground rent was £55 billed every twelve months. The lease terminated in 2103. Given that there were 77 years outstanding we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.