Long Hanborough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Long Hanborough tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Long Hanborough you would be well advised to check if your lease has between 70 and 90 years left. There are good reasons why a Long Hanborough flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is put in place without delay
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| TSB |
Regardless of whether you are a tenant or a freeholder in Long Hanborough,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Long Hanborough valuers.
Following unsuccessful discussions with the freeholder of her first floor flat in Long Hanborough, Megan commenced the lease extension process as the 80 year mark was quickly nearing. The transaction was finalised in July 2014. The freeholder’s costs were negotiated to a tad over six hundred GBP.
In 2012 we were e-mailed by Mr and Mrs. B Wright who, having was assigned a lease of a ground floor apartment in Long Hanborough in July 1996. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar premises in Long Hanborough with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 billed every twelve months. The lease ran out on 16 October 2080. Having 54 years remaining we approximated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 plus legals.
In 2012 we were contacted by Dr J Young who, having was assigned a lease of a basement apartment in Long Hanborough in February 2003. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative flats in Long Hanborough with 100 year plus lease were worth £295,000. The average ground rent payable was £45 billed every twelve months. The lease expiry date was in 2100. Given that there were 74 years left we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.