Chances are that where you own a flat in Hurworth you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Halifax | |
| Santander | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Hurworth can be a difficult process. We recommend you get professional help from a lawyer and valuer well versed in the legislation and lease extension process.
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 Hurworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Sebastian was the the leasehold proprietor of a 2 bedroom apartment in Hurworth on the market with a lease of just over sixty years outstanding. Sebastian informally approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Last year we were approach by Mr and Mrs. R Nguyen , who purchased a garden apartment in Hurworth in May 2006. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Hurworth with a long lease were in the region of £173,800. The mid-range ground rent payable was £60 billed yearly. The lease end date was on 18 March 2081. Taking into account 55 years remaining we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus fees.
Last month we were contacted by Mr and Mrs. O Torres , who purchased a basement flat in Hurworth in September 2003. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Comparable premises in Hurworth with 100 year plus lease were valued around £235,200. The mid-range ground rent payable was £45 billed annually. The lease ran out on 7 September 2092. Taking into account 66 years outstanding we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.