The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Hurstpierpoint can extend the lease for an additional 90 years in accordance with legislation. Please think carefully before delaying your Hurstpierpoint lease extension. Shelving that expense now simply escalates the amount you will ultimately have to pay for a lease extension.
Leasehold premises in Hurstpierpoint with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you enhanced control over the value of your Hurstpierpoint leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Ollie, came seriously near to the 80-year mark with the lease on his two bedroom apartment in Hurstpierpoint. Having bought his flat two decades ago, the unexpired term was of no significance. Thankfully, he realised he needed to take action soon on a lease extension. Ollie was able to extend his lease just under the wire last March. Ollie and the freeholder subsequently settled on an amount of £6,000 . If he not met the deadline, the premium would have escalated by at least £1,125.
Mr Aarav Anderson completed a basement apartment in Hurstpierpoint in July 2012. We are asked if we could approximate the premium would be to extend the lease by ninety years. Comparative homes in Hurstpierpoint with an extended lease were valued around £280,000. The mid-range ground rent payable was £45 invoiced monthly. The lease ended in 2096. Given that there were 70 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.
Ms K Ward owned a first floor flat in Hurstpierpoint in March 2008. The dilemma was if we could estimate the premium could be to prolong the lease by a further 90 years. Identical residencies in Hurstpierpoint with 100 year plus lease were in the region of £223,400. The average ground rent payable was £60 billed annually. The lease terminated in 2085. Taking into account 59 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including costs.