Top reasons for Heckmondwike lease extension
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Why you should start your Heckmondwike lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/heckmondwike">Heckmondwike</a> property value </h4>
<p> As the the remaining lease term of a Heckmondwike residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 99 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. Many flat owners in Heckmondwike will meet the qualifying criteria; however a lawyer should be able to advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
<h4>An extended lease is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
<h4>Banks and Building Societies may decide not to loan monies with a short lease</h4> Lending institutions are less likely to grant a loan offer on a residential property in Heckmondwike with a short lease. Some lenders simply refuse a mortgage on leases with under 75 years remaining.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<h4> Get in touch with one of our Heckmondwike lease extension solicitors or enfranchisement solicitors
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<p> Retaining our service gives you better control over the value of your Heckmondwike leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell.
The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Heckmondwike Lease Extension Example Cases:
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<h5> Abbie, Heckmondwike, West Yorkshire,</h5>
<p> Following protracted negotiations with the freeholder of her studio flat in Heckmondwike, Abbie initiated the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was finalised in February 2005. The landlord’s costs were restricted to a tad over 700 pounds.
<h5>Heckmondwike case:</h5>
<p> Mr and Mrs. P Cox acquired a recently refurbished apartment in Heckmondwike in July 2007. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Similar premises in Heckmondwike with an extended lease were in the region of £206,200. The mid-range ground rent payable was £55 billed yearly. The lease terminated on 21 November 2082. Taking into account 56 years left we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.
<h5>Heckmondwike case:</h5>
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In 2011 we were e-mailed by Mr and Mrs. V Kelly who, having acquired a studio flat in Heckmondwike in September 2006. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Heckmondwike with a long lease were valued around £300,000. The mid-range ground rent payable was £50 collected quarterly. The lease terminated in 2102. Having 76 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.
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