When it comes to residential leasehold premises in Hartlepool, you are actually purchasing a right to live in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater especially once there are fewer than 80 years remaining. Residents in Hartlepool with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has less than 80 years remaining, under the current Act the landlord can calculate and demand a larger amount, based on a technical calculation, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Retaining our service will provide you better control over the value of your Hartlepool leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Lewis, started to get close to the eighty-year mark with the lease on his leasehold flat in Hartlepool. Having purchased his property two decades ago, the lease term was of minimal interest. Thankfully, it dawned on him that he would soon be paying an escalated premium for a lease extension. Lewis extended the lease at the eleventh hour in March. Lewis and the landlord who owned the flat above ultimately agreed on a premium of £5,500 . If the lease had descended lower than eighty years, the price would have become more costly by a minimum £975.
Mr and Mrs. W Patel took over the lease of a basement apartment in Hartlepool in May 2001. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparable premises in Hartlepool with 100 year plus lease were in the region of £250,400. The mid-range ground rent payable was £65 billed per annum. The lease elapsed in 2088. Considering the 64 years unexpired we estimated the premium to the landlord to extend the lease to be between £19,000 and £22,000 plus legals.
In 2012 we were e-mailed by Ms E Rodríguez who, having completed a recently refurbished flat in Hartlepool in March 2010. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparative residencies in Hartlepool with an extended lease were in the region of £189,000. The average amount of ground rent was £55 collected every twelve months. The lease lapsed in 2077. Considering the 53 years left we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus fees.