Hartlepool leases on residential deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Hartlepool will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Hartlepool with over 100 years left 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Hartlepool can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Hartlepool lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jack owned a conversion apartment in Hartlepool being marketed with a lease of a few days over 72 years remaining. Jack informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Jack to exercise his statutory right. Jack obtained expert legal guidance and secured an acceptable deal without going to tribunal and sell the flat.
In 2009 we were e-mailed by Dr J Pérez who, having completed a one bedroom apartment in Hartlepool in March 2008. We are asked if we could approximate the price would be for a ninety year lease extension. Similar homes in Hartlepool with a long lease were valued around £210,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease elapsed in 2105. Considering the 80 years left we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.
Mr C Green took over the lease of a purpose-built apartment in Hartlepool in October 1996. The question was if we could estimate the premium would be for a ninety year lease extension. Comparable residencies in Hartlepool with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease elapsed in 2094. Taking into account 69 years remaining we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.