As the the remaining lease term of a Hucknall domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, more than 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner rather than later. Many flat owners in Hucknall will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 obtain professional help from a conveyancing solicitor 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 a wealth of experience dealing with Hucknall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Liam, came perilously close to the eighty-year mark with the lease on his ground floor flat in Hucknall. Having bought his property two decades ago, the lease term was of no importance. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Liam arranged for a lease extension just ahead of time last April. Liam and the landlord who owned the flat above ultimately agreed on the final figure of £5,500 . If the lease had gone below 80 years, the amount would have gone up by a minimum £1,100.
Dr Kyle Thomas bought a garden apartment in Hucknall in February 2009. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Identical premises in Hucknall with a long lease were in the region of £200,000. The average amount of ground rent was £50 billed monthly. The lease finished on 3 September 2103. Taking into account 77 years remaining we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.
Last January we were called by Mr and Mrs. B Baker , who was assigned a lease of a garden flat in Hucknall in October 1996. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical flats in Hucknall with 100 year plus lease were in the region of £260,200. The average ground rent payable was £65 billed per annum. The lease ran out on 28 May 2092. Taking into account 66 years outstanding we approximated the premium to the landlord for the lease extension to be within £14,300 and £16,400 not including expenses.