It’s an underpublicised certainty that a Hull West residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Hull West property market.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Most flat owners in Hull West will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.
Leasehold properties in Hull West with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Hull West can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 Hull West lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Teddy, came critically close to the 80-year threshold with the lease on his first floor apartment in Hull West. Having bought his flat two decades ago, the unexpired term was of little bearing. As luck would have it, he realised he needed to take steps soon on Extending the lease. Teddy was able to extend his lease just under the wire last January. Teddy and the landlord who owned the flat above subsequently agreed on the final figure of £5,500 . If the lease had dipped below 80 years, the figure would have gone up by a minimum £875.
In 2010 we were e-mailed by Dr J Ward who, having owned a garden apartment in Hull West in January 2009. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Comparable homes in Hull West with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 billed yearly. The lease expiry date was in 2087. Taking into account 61 years left we approximated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of costs.
In 2013 we were contacted by Mrs Georgina King who, having purchased a one bedroom apartment in Hull West in June 2010. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Comparative residencies in Hull West with an extended lease were worth £166,800. The average amount of ground rent was £50 invoiced per annum. The lease expired on 24 January 2076. Given that there were 50 years left we calculated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 not including legals.