On the balance of probabilities if you own a flat in Haddenham you actually own a long leasehold interest over your property
It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Haddenham,the lease extension lawyers 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 Haddenham valuers.
Last year Jamie, came dangerously near to the 80-year mark with the lease on his garden flat in Haddenham. In buying his home 18 years ago, the unexpired term was of little relevance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Jamie was able to extend his lease just ahead of time in April. Jamie and the landlord eventually settled on an amount of £5,500 . If the lease had gone below eighty years, the price would have increased by at least £1,025.
Last Christmas we were e-mailed by Mr Milo Khan , who took over the lease of a studio apartment in Haddenham in July 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical premises in Haddenham with 100 year plus lease were valued about £184,000. The mid-range ground rent payable was £55 invoiced yearly. The lease elapsed on 19 August 2079. Taking into account 53 years unexpired we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus fees.
Ms Lauren White moved into a one bedroom flat in Haddenham in September 1998. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative homes in Haddenham with a long lease were worth £290,000. The average ground rent payable was £45 collected every twelve months. The lease finished in 2099. Given that there were 73 years unexpired we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.