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Why you should start your Heath lease extension

Why you should commence your Heath lease extension today:

A Heath leasehold property depreciates with the years remaining on the lease.

Heath leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Heath enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Heath you should see if your lease has between 70 and ninety years remaining. There are good reasons why a Heath leaseholder with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay

Heath property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to finance a property with a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Some will simply not lend at all once the residual lease term slips under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Heath home.

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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
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.

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

Using our service will provide you better control over the value of your Heath leasehold, as your property will be more valuable and saleable in terms of lease length should you decide 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.

Heath Lease Extension Case Summaries:

Muhammad, Heath, Cardiff

In recent months Muhammad, came seriously close to the 80-year mark with the lease on his ground floor apartment in Heath. In buying his property twenty years ago, the lease term was of minimal bearing. Thankfully, he noticed he would soon be paying an escalated premium for Extending the lease. Muhammad was able to extend his lease just ahead of time in May. Muhammad and the landlord in the end settled on sum of £5,000 . If he failed to meet the deadline, the premium would have increased by at least £1,000.

Heath case:

In 2012 we were called by Mr Mason Petit who, having moved into a one bedroom flat in Heath in February 2003. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Similar residencies in Heath with an extended lease were worth £225,800. The mid-range ground rent payable was £60 invoiced every twelve months. The lease concluded in 2080. Having 60 years remaining we approximated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 not including professional charges.

Heath case:

In 2012 we were e-mailed by Dr G Wood who, having acquired a basement flat in Heath in July 1997. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Comparative flats in Heath with a long lease were worth £210,000. The average ground rent payable was £50 billed quarterly. The lease came to a finish on 16 April 2100. Taking into account 80 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.