Top reasons for Heckmondwike lease extension

Why you should commence your Heckmondwike lease extension today:

Increase your lease and increase your Heckmondwike property value

For those whose Heckmondwike home is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold residencies in Heckmondwike with in excess of 100 years remaining 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 property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to loan monies with a short lease

Lenders are really restricting their approach as regards to homes in Heckmondwike with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential buyers.

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

Retaining our service gives you enhanced control over the value of your Heckmondwike leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Heckmondwike Lease Extension Case Studies:

Aaron, Heckmondwike, West Yorkshire,

Aaron owned a conversion flat in Heckmondwike being sold with a lease of a little over fifty eight years outstanding. Aaron informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aaron to invoke his statutory right. Aaron procured expert advice and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Heckmondwike case:

In 2013 we were approached by Mr and Mrs. T Cook who, having completed a recently refurbished flat in Heckmondwike in January 2012. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparable homes in Heckmondwike with a long lease were valued about £290,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ran out in 2099. Taking into account 73 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.

Heckmondwike case:

Dr Jack Bennett moved into a purpose-built flat in Heckmondwike in September 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Heckmondwike with an extended lease were in the region of £240,600. The mid-range ground rent payable was £60 collected per annum. The lease terminated in 2088. Given that there were 62 years outstanding we estimated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.