Main reasons to commence your Heckington lease extension

Why you should commence your Heckington lease extension today:

Increase your lease and increase your Heckington property value

Heckington residential property owned 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 is almost the same value as a freehold

Leasehold properties in Heckington with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not loan monies on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate for lending purposes.

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

Lease extensions in Heckington can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Heckington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Heckington Lease Extension Example Cases:

Felix, Heckington, Lincolnshire

16 months ago Felix, came critically near to the 80-year threshold with the lease on his studio flat in Heckington. In buying his flat two decades ago, the length of the lease was of little bearing. by good luck, it dawned on him that he needed to take action soon on a lease extension. Felix arranged for a lease extension just under the wire last March. Felix and the landlord in the end agreed on the final figure of £5,000 . If the lease had slipped to less than 80 years, the amount would have escalated by at least £950.

Heckington case:

In 2011 we were contacted by Mr Toby Morgan who, having completed a basement apartment in Heckington in July 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Heckington with 100 year plus lease were valued about £270,000. The mid-range ground rent payable was £55 collected annually. The lease ended in 2100. Having 74 years left we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.

Heckington case:

In 2014 we were e-mailed by Dr I Harris who, having owned a basement flat in Heckington in August 2004. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Heckington with an extended lease were in the region of £166,400. The average ground rent payable was £60 invoiced per annum. The lease ran out on 8 September 2080. Considering the 54 years outstanding we approximated the premium to the landlord for the lease extension to be within £32,300 and £37,400 plus fees.