Stop! Your Lease Extension in Heaton Could Be FREE

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Many leaseholders in Heaton 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 Heaton 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 commence your Heaton lease extension

Top reasons for lease extension now:

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

Heaton residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage on a short lease

Most mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are not able to secure a mortgage, then the market price of your property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

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

Irrespective of whether you are a tenant or a freeholder in Heaton,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Heaton valuers.

Heaton Lease Extension Example Cases:

Jamie, Heaton, Tyne And Wear

In recent months Jamie, started to get close to the 80-year mark with the lease on his two bedroom flat in Heaton. In buying his home 19 years ago, the unexpired term was of little interest. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Jamie extended the lease just under the wire last September. Jamie and the landlord subsequently agreed on an amount of £6,000 . If he failed to meet the deadline, the amount would have escalated by a minimum £850.

Heaton case:

Ms Katie Wilson was assigned a lease of a one bedroom apartment in Heaton in May 1995. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparative premises in Heaton with a long lease were worth £174,200. The average amount of ground rent was £55 billed yearly. The lease finished in 2077. Taking into account 51 years left we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including fees.

Heaton case:

Dr Yasmin Morgan owned a one bedroom flat in Heaton in October 2007. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparative residencies in Heaton with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 invoiced quarterly. The lease ended in 2097. Considering the 71 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.