The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Handforth may extend the lease for an additional ninety years under legislation. Please think carefully before delaying your Handforth lease extension. Shelving the costs now simply escalates the price you will ultimately have to pay for a lease extension.
Leasehold premises in Handforth with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Lease extensions in Handforth 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 procuring Handforth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the freeholder of her two bedroom apartment in Handforth, Rebecca initiated the lease extension process just as the lease was approaching the critical eighty-year threshold. The transaction completed in November 2015. The freeholder’s fees were restricted to below 450 GBP.
Mr and Mrs. T David owned a one bedroom flat in Handforth in October 2011. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Identical properties in Handforth with 100 year plus lease were valued about £210,000. The average ground rent payable was £50 billed per annum. The lease elapsed in 2106. Having 80 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.
Mr L Gray moved into a studio flat in Handforth in February 2012. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable homes in Handforth with a long lease were worth £280,000. The average amount of ground rent was £45 collected monthly. The lease ended on 23 February 2095. Given that there were 69 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.