The value of West Haddon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than 80 years
Leasehold premises in West Haddon with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Regardless of whether you are a tenant or a landlord in West Haddon,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West Haddon valuers.
Following lengthy discussions with the freeholder of her studio flat in West Haddon, Molly started the lease extension process as the eighty year mark was swiftly advancing. The transaction completed in October 2015. The landlord’s costs were kept to an absolute minimum.
Dr Rachael Bonnet took over the lease of a first floor apartment in West Haddon in October 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in West Haddon with an extended lease were in the region of £208,600. The average ground rent payable was £60 invoiced monthly. The lease elapsed on 16 October 2083. Given that there were 57 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.
In 2012 we were approached by Mr Jacob Moreau who, having bought a recently refurbished flat in West Haddon in March 2006. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative premises in West Haddon with 100 year plus lease were valued around £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease concluded on 14 February 2103. Given that there were 77 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.