The market value of a leasehold property in Haddenham is impacted by how long the lease has remaining. If it is near to or less than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is preferable to start the lease extension process when a lease still has 82 years unexpired so that formalities can be concluded prior to the eighty year threshold. Leasehold Reform legislation entitles Haddenham qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold premises in Haddenham with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Using our service will provide you enhanced control over the value of your Haddenham leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy correspondence with the freeholder of her two bedroom flat in Haddenham, Paige initiated the lease extension process just as her lease was coming close to the critical 80-year mark. The legal work completed in October 2011. The freeholder’s charges were kept to an absolute minimum.
Last month we were e-mailed by Mr and Mrs. F Parker , who owned a basement apartment in Haddenham in February 2010. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical homes in Haddenham with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 billed quarterly. The lease terminated in 2092. Given that there were 66 years outstanding we approximated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 plus costs.
Mrs Millie Vincent owned a studio flat in Haddenham in May 2003. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Haddenham with an extended lease were in the region of £198,800. The average amount of ground rent was £55 invoiced annually. The lease expired on 3 June 2081. Taking into account 55 years left we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including professional charges.