The value of Hoyland leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is below than eighty years
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Santander | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Hoyland can be a difficult process. We recommend you obtain professional help from a conveyancer 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 Hoyland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful negotiations with the landlord of her first floor flat in Hoyland, Poppy commenced the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction completed in March 2015. The landlord’s charges were negotiated to below 600 GBP.
In 2009 we were contacted by Mr Jamie Hall who, having was assigned a lease of a one bedroom apartment in Hoyland in July 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Hoyland with an extended lease were worth £203,200. The average amount of ground rent was £65 collected monthly. The lease ended on 16 April 2087. Given that there were 61 years as a residual term we approximated the premium to the landlord for the lease extension to be between £19,000 and £22,000 not including fees.
Mr M Peterson moved into a recently refurbished flat in Hoyland in July 2004. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Hoyland with an extended lease were valued around £260,000. The average amount of ground rent was £50 invoiced every twelve months. The lease expired in 2098. Taking into account 72 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.