Main reasons to start your Heckmondwike lease extension

Why you should commence your Heckmondwike lease extension today:

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

On the balance of probabilities where you own a flat in Heckmondwike you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred 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 premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that plenty of flats in Heckmondwike were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

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

The conveyancers that we work with undertake Heckmondwike 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.

Heckmondwike Lease Extension Example Cases:

Dylan, Heckmondwike, West Yorkshire,

Dylan was the the leasehold owner of a high value apartment in Heckmondwike being sold with a lease of just over 61 years remaining. Dylan informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Dylan to invoke his statutory right. Dylan obtained expert advice and secured an acceptable deal without going to tribunal and sell the flat.

Heckmondwike case:

In 2013 we were phoned by Ms H Cooper who, having owned a purpose-built apartment in Heckmondwike in October 2001. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable flats in Heckmondwike with a long lease were in the region of £257,800. The average ground rent payable was £65 collected every twelve months. The lease termination date was on 6 June 2091. Considering the 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 not including legals.

Heckmondwike case:

In 2014 we were approached by Mr and Mrs. I White who, having purchased a one bedroom apartment in Heckmondwike in March 2006. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable flats in Heckmondwike with 100 year plus lease were valued about £191,400. The mid-range ground rent payable was £55 collected annually. The lease elapsed in 2080. Taking into account 54 years remaining we calculated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of expenses.