Top reasons for Heanor lease extension

Main reasons to start your Heanor lease extension today:

Increase your lease and increase your Heanor property value

The value of Heanor leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Heanor with in excess of 100 years remaining 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may cause difficulties as and when you need to sell or remortgage your property as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser must hold off for two years before being able to exercise the right to a an extension to the lease.

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

Retaining our service gives you enhanced control over the value of your Heanor leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Heanor Lease Extension Case Summaries:

Finn, Heanor, Derbyshire

Last year Finn, came critically near to the 80-year mark with the lease on his garden flat in Heanor. In buying his flat two decades ago, the length of the lease was of minimal relevance. Thankfully, he realised he needed to take action soon on Extending the lease. Finn arranged for a lease extension just under the wire last March. Finn and the landlord who owned the flat above in the end settled on a premium of £5,000 . If the lease had slipped to less than 80 years, the figure would have escalated by a minimum £1,100.

Heanor case:

Last Summer we were phoned by Mr and Mrs. F Michel , who took over the lease of a one bedroom apartment in Heanor in January 2004. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Identical premises in Heanor with an extended lease were valued around £225,400. The mid-range ground rent payable was £45 collected annually. The lease expired on 5 May 2090. Given that there were 64 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of professional charges.

Heanor case:

Dr Phoebe Leroy took over the lease of a basement apartment in Heanor in June 2004. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparable homes in Heanor with an extended lease were valued about £270,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease ended on 25 September 2101. Taking into account 75 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.