Heysham Lease Extension - Free Consultation

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Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should commence your Heysham lease extension

Why you should start your Heysham lease extension today:

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

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

Heysham property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You are likely to encounter problems if you need to sell your flat in Heysham if the unexpired term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Heysham?

Regardless of whether you are a tenant or a landlord in Heysham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Heysham valuers.

Heysham Lease Extension Case Studies:

Georgia, Heysham, Lancashire,

In the wake of 9 months of unsuccessful negotiations with the landlord of her garden apartment in Heysham, Georgia started the lease extension process as the 80 year mark was quickly approaching. The lease extension was finalised in May 2014. The landlord’s fees were negotiated to slightly above 450 GBP.

Heysham case:

In 2014 we were phoned by Mr and Mrs. Y Bonnet who, having moved into a garden flat in Heysham in April 2000. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparative premises in Heysham with 100 year plus lease were worth £246,800. The average amount of ground rent was £60 billed yearly. The lease lapsed on 10 October 2075. Taking into account 50 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £44,700 and £51,600 not including costs.

Heysham case:

Last Christmas we were approach by Dr J Moreau , who acquired a purpose-built apartment in Heysham in May 2001. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Comparable premises in Heysham with 100 year plus lease were worth £208,200. The mid-range ground rent payable was £65 collected per annum. The lease ran out in 2086. Having 61 years unexpired we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of costs.