Hyde Park leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Hyde Park will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed timetables and formalities to follow once the process is initiated so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Hyde Park with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Hyde Park can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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 procuring Hyde Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Finley owned a 2 bedroom flat in Hyde Park being sold with a lease of fraction over 61 years remaining. Finley on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Finley to invoke his statutory right. Finley procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Mr and Mrs. W Garcia owned a ground floor apartment in Hyde Park in September 2011. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Hyde Park with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 billed annually. The lease lapsed on 4 September 2104. Having 78 years unexpired we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus legals.
Mr Finley Jackson owned a basement apartment in Hyde Park in January 1997. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Identical homes in Hyde Park with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 collected quarterly. The lease termination date was on 28 November 2084. Having 58 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 not including legals.