The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Heckmondwike have the right to extend the lease for an additional 90 years in accordance with legislation. Please think carefully before delaying your Heckmondwike lease extension. Shelving the costs today simply escalates the premium you will eventually be required to pay for a lease extension.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Heckmondwike can be a difficult process. We recommend you obtain guidance 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 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.
In recent months Evan, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Heckmondwike. In buying his property 18 years previously, the lease term was of minimal importance. Thankfully, it dawned on him that he would soon be paying an escalated premium for a lease extension. Evan was able to extend his lease just under the wire in July. Evan and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the price would have escalated by at least £900.
Last Summer we were approach by Mr and Mrs. J Bernard , who purchased a one bedroom flat in Heckmondwike in January 2002. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical properties in Heckmondwike with a long lease were worth £280,000. The average amount of ground rent was £45 billed per annum. The lease concluded on 18 March 2094. Given that there were 70 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.
In 2013 we were phoned by Mr and Mrs. E Bell who, having moved into a ground floor apartment in Heckmondwike in February 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Similar residencies in Heckmondwike with an extended lease were worth £218,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease terminated in 2083. Given that there were 59 years outstanding we approximated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including professional charges.