Hopton leases on residential properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher amount will be payable. Flat owners in Hopton will usually qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Hopton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Hopton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Daniel, came precariously near to the eighty-year threshold with the lease on his leasehold flat in Hopton. In buying his property two decades ago, the lease term was of little significance. As luck would have it, he realised he needed to take action soon on a lease extension. Daniel was able to extend his lease at the eleventh hour in March. Daniel and the freeholder subsequently agreed on sum of £5,500 . If the lease had slid lower than 80 years, the figure would have gone up by a minimum £1,100.
Dr Megan Martin completed a recently refurbished flat in Hopton in February 2007. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable residencies in Hopton with 100 year plus lease were worth £260,000. The mid-range amount of ground rent was £50 billed quarterly. The lease terminated on 12 October 2097. Given that there were 71 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.
Mr and Mrs. A Brown bought a purpose-built apartment in Hopton in May 2010. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar properties in Hopton with 100 year plus lease were worth £254,200. The mid-range ground rent payable was £60 collected yearly. The lease termination date was in 2077. Given that there were 51 years left we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus legals.