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.

Why you should start your Hayes lease extension

Why you should start your Hayes lease extension today:

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

Chances are that where you own a flat in Hayes you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to finance a property on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be unacceptable for lending purposes.

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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire 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.

What makes us experts in Hayes lease extensions?

Using 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 wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hayes Lease Extension Example Cases:

Jordan, Hayes, North London,

Trailing unsuccessful negotiations with the freeholder of her basement flat in Hayes, Jordan started the lease extension process as the eighty year threshold was rapidly nearing. The transaction was concluded in February 2015. The freeholder’s fees were kept to an absolute minimum.

Hayes case:

Last Summer we were e-mailed by Ms A Patel , who acquired a ground floor flat in Hayes in September 1995. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Identical flats in Hayes with a long lease were valued around £206,200. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed in 2082. Having 56 years remaining we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 not including fees.

Decision in Hillingdon

An example of a Freehold Enfranchisement decision 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 number of years remaining on the existing lease(s) was 69 years.