Hadley Wood leases on residential deteriorating in value. if your lease has approximately ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Hadley Wood will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in Hadley Wood with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Hadley Wood can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.
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 a wealth of experience dealing with Hadley Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago David, came seriously close to the eighty-year threshold with the lease on his leasehold flat in Hadley Wood. Having purchased his home two decades ago, the length of the lease was of little interest. As luck would have it, he realised he would imminently be paying an inflated amount for Extending the lease. David was able to extend his lease just in the nick of time in June. David and the landlord who owned the flat above in the end agreed on an amount of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £875.
Mr Evan Ward moved into a one bedroom apartment in Hadley Wood in September 2006. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Identical premises in Hadley Wood with an extended lease were valued about £270,000. The mid-range amount of ground rent was £55 collected annually. The lease came to a finish in 2099. Considering the 74 years unexpired we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.
An example of a Lease Extension matter before the tribunal for a Hadley Wood residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The unexpired term as at the valuation date was 76 years.