Why you should start your Heaton lease extension

Main reasons to start your Heaton lease extension today:

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

Heaton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Heaton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Heaton you would be well advised to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Heaton leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is actioned without delay

Heaton property with a lease extension is almost the same value as a freehold

Leasehold residencies in Heaton with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may not lend on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as inadequate security.

Why use us for your lease extension in Heaton?

The lawyers that we work with undertake Heaton 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.

Heaton Lease Extension Case Summaries:

Yasmin, Heaton, Tyne And Wear,

After protracted discussions with the landlord of her two bedroom apartment in Heaton, Yasmin commenced the lease extension process as the eighty year deadline was rapidly nearing. The lease extension completed in February 2005. The freeholder’s charges were kept to an absolute minimum.

Heaton case:

Ms T Petit bought a one bedroom apartment in Heaton in May 2011. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Heaton with 100 year plus lease were worth £295,000. The average amount of ground rent was £50 billed yearly. The lease elapsed in 2101. Having 75 years left we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.

Heaton case:

Dr J Roux was assigned a lease of a one bedroom apartment in Heaton in March 2003. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Heaton with an extended lease were in the region of £250,400. The mid-range amount of ground rent was £65 invoiced per annum. The lease finished in 2090. Taking into account 64 years outstanding we estimated the premium to the landlord to extend the lease to be between £19,000 and £22,000 plus fees.