Hucknall leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty 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 Hucknall will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold premises in Hucknall with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Lease extensions in Hucknall can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 procuring Hucknall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Austin, started to get close to the eighty-year mark with the lease on his two bedroom apartment in Hucknall. Having bought his home two decades ago, the lease term was of minimal significance. Luckily, he became aware that he would soon be paying way over the odds for a lease extension. Austin was able to extend his lease just in the nick of time in September. Austin and the freeholder ultimately agreed on the final figure of £5,000 . If the lease had fallen below 80 years, the amount would have increased by at least £1,075.
Mr and Mrs. R Murphy purchased a one bedroom apartment in Hucknall in May 2007. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Comparable properties in Hucknall with an extended lease were worth £285,000. The average amount of ground rent was £45 collected monthly. The lease expiry date was in 2098. Having 72 years remaining we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.
Last Christmas we were called by Mr and Mrs. G Lefebvre , who owned a studio flat in Hucknall in April 2002. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable premises in Hucknall with a long lease were valued around £233,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease end date was on 7 May 2087. Having 61 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 not including expenses.