Heckmondwike leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be payable. Flat owners in Heckmondwike will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Heckmondwike can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 a wealth of experience dealing with Heckmondwike lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Rory was the the leasehold proprietor of a conversion flat in Heckmondwike on the market with a lease of fraction over fifty eight years remaining. Rory on an informal basis contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be payable on a lease extension were Rory to invoke his statutory right. Rory procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Mr and Mrs. S Thompson bought a ground floor apartment in Heckmondwike in April 2001. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Comparative residencies in Heckmondwike with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 billed quarterly. The lease lapsed in 2091. Considering the 66 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 not including professional charges.
In 2012 we were phoned by Dr C Carter who, having purchased a first floor apartment in Heckmondwike in September 2009. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable homes in Heckmondwike with an extended lease were valued around £198,800. The average ground rent payable was £55 billed quarterly. The lease finished in 2080. Taking into account 55 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 plus fees.