Hale Barns Lease Extension - Free Consultation

Before you progress with your lease extension in Hale Barns
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to start your Hale Barns lease extension


Top reasons for lease extension now:

Increase your lease and increase your Hale Barns property value

Hale Barns residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not issue a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as insufficient security.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Hale Barns?

Regardless of whether you are a tenant or a freeholder in Hale Barns,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hale Barns valuers.

Hale Barns Lease Extension Example Cases:

James, Hale Barns, Cheshire,

James owned a 2 bedroom flat in Hale Barns being marketed with a lease of a little over 72 years unexpired. James informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were James to invoke his statutory right. James obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the flat.

Hale Barns case:

Last month we were contacted by Mr V King , who moved into a one bedroom apartment in Hale Barns in January 2000. The question was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative premises in Hale Barns with an extended lease were worth £254,200. The average amount of ground rent was £60 billed monthly. The lease expired in 2076. Given that there were 51 years as a residual term we approximated the premium to the landlord to extend the lease to be within £43,700 and £50,600 not including fees.

Hale Barns case:

In 2012 we were approached by Mr I Ward who, having owned a first floor apartment in Hale Barns in July 2004. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical flats in Hale Barns with 100 year plus lease were worth £215,600. The average ground rent payable was £45 collected monthly. The lease concluded on 3 October 2087. Having 62 years left we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of legals.