Long Hanborough leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the current lease drops under 80 years - otherwise a higher premium will be payable. Flat owners in Long Hanborough will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has commenced so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Long Hanborough with over 100 years outstanding 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| 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. |
Lease extensions in Long Hanborough can be a difficult process. We recommend you get guidance 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 in-depth market knowledge procuring Long Hanborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas Alexander, started to get near to the eighty-year mark with the lease on his basement flat in Long Hanborough. Having bought his flat 18 years previously, the unexpired term was of minimal importance. by good luck, he realised he needed to take action soon on Extending the lease. Alexander extended the lease just under the wire last January. Alexander and the landlord who owned the flat above ultimately agreed on the final figure of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by at least £1,000.
In 2011 we were phoned by Mr Omar Collins who, having owned a one bedroom apartment in Long Hanborough in November 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Long Hanborough with a long lease were valued about £267,600. The mid-range ground rent payable was £65 billed quarterly. The lease finished in 2093. Considering the 67 years left we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of costs.
Last month we were approach by Mr and Mrs. A Norbert , who took over the lease of a one bedroom apartment in Long Hanborough in February 2011. We are asked if we could approximate the price could be to prolong the lease by ninety years. Identical residencies in Long Hanborough with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 collected yearly. The lease came to a finish on 13 November 2083. Taking into account 57 years remaining we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of legals.