Stop! Your Lease Extension in Heckington Could Be FREE

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Many leaseholders in Heckington 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 Heckington 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 Heckington lease extension

Why you should start your Heckington lease extension today:

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

Heckington residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

Lenders do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Heckington if the remaining lease term is under the criteria set by most lenders. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
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 Heckington lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Heckington,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 in-depth market knowledge and the close ties they enjoy with Heckington valuers.

Heckington Lease Extension Case Summaries:

Niamh, Heckington, Lincolnshire,

After unsuccessful correspondence with the freeholder of her leasehold apartment in Heckington, Niamh commenced the lease extension process just as her lease was coming close to the critical eighty-year deadline. The transaction was concluded in April 2014. The landlord’s fees were kept to an absolute minimum.

Heckington case:

In 2013 we were phoned by Mr and Mrs. K Cox who, having was assigned a lease of a garden flat in Heckington in March 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Heckington with 100 year plus lease were in the region of £215,600. The mid-range amount of ground rent was £45 billed quarterly. The lease finished on 19 October 2088. Given that there were 62 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus legals.

Heckington case:

Last Spring we were phoned by Ms U Green , who purchased a first floor apartment in Heckington in June 2006. We are asked if we could estimate the price would be to extend the lease by ninety years. Identical premises in Heckington with an extended lease were valued around £265,000. The average amount of ground rent was £50 invoiced every twelve months. The lease ended in 2099. Taking into account 73 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.