With a residential leasehold property in Haddenham, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than eighty years remaining. Leasehold owners in Haddenham with a lease approaching 81 years left should seriously consider extending it as soon as possible. When a lease has under 80 years outstanding, under the relevant Act the freeholder is entitled to calculate and demand a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Lease extensions in Haddenham 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 Haddenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her ground floor flat in Haddenham, Erin started the lease extension process just as her lease was coming close to the critical 80-year threshold. The legal work was concluded in September 2010. The freeholder’s costs were negotiated to about 550 pounds.
Mrs Gemma Khan completed a newly refurbished apartment in Haddenham in June 2003. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Comparable properties in Haddenham with a long lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease expired on 5 May 2096. Having 70 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.
In 2010 we were approached by Mr R Norbert who, having was assigned a lease of a studio apartment in Haddenham in March 2008. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical premises in Haddenham with an extended lease were valued about £223,400. The average ground rent payable was £60 collected every twelve months. The lease terminated on 14 January 2085. Considering the 59 years remaining we estimated the premium to the landlord for the lease extension to be within £27,600 and £31,800 not including fees.