Top reasons for Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Heath property value

The only way is down when it comes to Heath lease terms. Heath leaseholds that have a lease term lower than eighty years will drop in value at a rapid rate, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Many banks and building societies will not lend on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Heath property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our Heath lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Heath lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Heath Lease Extension Example Cases:

Daniel, Heath, Cardiff

Last October Daniel, started to get close to the 80-year mark with the lease on his garden apartment in Heath. Having purchased his flat two decades ago, the lease term was of little relevance. by good luck, he realised he would imminently be paying an inflated amount for a lease extension. Daniel was able to extend his lease just under the wire in March. Daniel and the landlord ultimately settled on an amount of £5,000 . If he had missed the deadline, the premium would have become more costly by a minimum £1,075.

Heath case:

Last Summer we were called by Mr and Mrs. Y Hall , who took over the lease of a one bedroom apartment in Heath in September 2011. The question was if we could estimate the premium could be to prolong the lease by an additional years. Comparative premises in Heath with a long lease were in the region of £243,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease finished on 23 January 2089. Taking into account 63 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including professional charges.

Heath case:

In 2010 we were phoned by Mr and Mrs. E Bernard who, having bought a newly refurbished flat in Heath in January 2003. The question was if we could approximate the premium would be to prolong the lease by a further 90 years. Similar properties in Heath with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 collected annually. The lease expired on 1 June 2078. Having 52 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 plus costs.