Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Heywood. Clearly, the period of lease left reduces over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Heywood have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give due attention before delaying your Heywood lease extension. Putting off that expense now only increases the price you will ultimately incur for a lease extension
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| Leeds Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Heywood,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Heywood valuers.
William was the the leasehold owner of a 2 bedroom apartment in Heywood being sold with a lease of a few days over sixty years left. William informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were William to invoke his statutory right. William procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
Mrs Nicole Alexander completed a ground floor apartment in Heywood in April 2008. The question was if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Comparative properties in Heywood with a long lease were worth £176,200. The mid-range ground rent payable was £65 billed every twelve months. The lease terminated in 2082. Taking into account 56 years remaining we calculated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 exclusive of fees.
Dr Freddie Young was assigned a lease of a garden flat in Heywood in September 2012. We are asked 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 Heywood with an extended lease were valued around £242,600. The average ground rent payable was £45 collected every twelve months. The lease ended in 2093. Having 67 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of expenses.