Stop! Your Lease Extension in Heath Could Be FREE

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Many leaseholders in Heath 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 Heath 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.

Main reasons to start your Heath lease extension

Main reasons to start your Heath lease extension today:

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

Heath residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to homes in Heath with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing the number of prospective purchasers.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date 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.

Why use us for your lease extension in Heath?

Retaining our service gives you enhanced control over the value of your Heath leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Heath Lease Extension Example Cases:

Zachary, Heath, Cardiff

Two years ago Zachary, started to get near to the 80-year mark with the lease on his basement apartment in Heath. In buying his flat twenty years previously, the length of the lease was of little interest. Luckily, he recognised he needed to take steps soon on Extending the lease. Zachary arranged for a lease extension at the eleventh hour last August. Zachary and the landlord in the end settled on the final figure of £5,000 . If the lease had fallen lower than eighty years, the premium would have increased by at least £1,100.

Heath case:

Mr W Mercier purchased a purpose-built apartment in Heath in April 2000. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparable properties in Heath with 100 year plus lease were worth £240,600. The average ground rent payable was £60 collected yearly. The lease finished in 2088. Having 62 years remaining we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of legals.

Heath case:

Mr and Mrs. H Johnson purchased a purpose-built flat in Heath in April 1997. The question was if we could estimate the premium would be for a ninety year extension to my lease. Similar flats in Heath with 100 year plus lease were worth £174,200. The average ground rent payable was £55 collected yearly. The lease came to a finish in 2077. Considering the 51 years unexpired we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including professional charges.