Stop! Your Lease Extension in Hayes Could Be FREE

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Many leaseholders in Hayes are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hayes has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Hayes lease extension

Top reasons for lease extension now:

A Hayes lease depreciates with the years remaining on the lease.

The market value of Hayes leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will be problematic once you wish to market or refinance your property as it will be practically unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer must wait two years before being able to initiate the legal procedures for an extension to the lease.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Retaining our service will provide you enhanced control over the value of your Hayes leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hayes Lease Extension Case Studies:

Theo, Hayes, North London

Half a year ago Theo, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Hayes. Having purchased his property twenty years ago, the lease term was of minimal concern. As luck would have it, he recognised he needed to take action soon on a lease extension. Theo arranged for a lease extension just ahead of time last May. Theo and the freeholder via the management company eventually settled on sum of £6,000 . If he failed to meet the deadline, the premium would have escalated by at least £1,025.

Hayes case:

In 2010 we were phoned by Mr and Mrs. W Lefebvre who, having acquired a ground floor apartment in Hayes in February 2007. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Comparative homes in Hayes with 100 year plus lease were worth £280,000. The average ground rent payable was £45 invoiced monthly. The lease concluded in 2096. Taking into account 70 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Hayes flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired term was 69 years.