Much Hadham leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Leasehold owners in Much Hadham will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check 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 sensible to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Much Hadham can be a difficult process. We recommend you secure guidance from a conveyancer 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 dealing with Much Hadham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the freeholder of her garden apartment in Much Hadham, Holly started the lease extension process as the 80 year threshold was rapidly nearing. The lease extension was concluded in September 2013. The freeholder’s fees were negotiated to about four hundred pounds.
Last Spring we were e-mailed by Ms Katherine Walker , who bought a studio apartment in Much Hadham in February 2003. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Similar properties in Much Hadham with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced yearly. The lease came to a finish on 22 October 2076. Considering the 51 years left we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus professional charges.
Dr Ella Lefèvre moved into a ground floor apartment in Much Hadham in October 1997. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical homes in Much Hadham with a long lease were valued around £285,000. The average amount of ground rent was £45 billed every twelve months. The lease expired on 12 September 2096. Taking into account 71 years remaining we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus legals.