Why you should commence your Heywood lease extension

Top reasons for lease extension now:

A Heywood lease depreciates with the years remaining on the lease.

The value of Heywood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Heywood with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

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

Irrespective of whether you are a tenant or a freeholder in Heywood,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Heywood valuers.

Heywood Lease Extension Case Summaries:

Callum, Heywood, Greater Manchester,

Callum owned a conversion apartment in Heywood on the market with a lease of fraction over 59 years remaining. Callum on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Callum to exercise his statutory right. Callum obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Heywood case:

Ms Melissa Watson took over the lease of a basement apartment in Heywood in July 2002. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Comparable residencies in Heywood with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 billed per annum. The lease lapsed on 6 November 2094. Given that there were 68 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Heywood case:

Last Winter we were called by Dr Amelia Lefèvre , who bought a recently refurbished apartment in Heywood in April 2009. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparative properties in Heywood with an extended lease were valued about £285,000. The average ground rent payable was £55 collected per annum. The lease expiry date was on 3 July 2105. Taking into account 79 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.