Heanor leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Heanor will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain situations you may not be entitled. There are also strict timetables and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Heanor,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 in-depth market knowledge and the close ties they enjoy with Heanor valuers.
George was the the leasehold owner of a conversion apartment in Heanor being marketed with a lease of a little over 59 years outstanding. George informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were George to invoke his statutory right. George procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Last Winter we were phoned by Mr and Mrs. I David , who completed a studio flat in Heanor in November 2007. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar premises in Heanor with an extended lease were valued about £280,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ended in 2103. Considering the 78 years left we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.
Mr and Mrs. N Watson was assigned a lease of a first floor flat in Heanor in March 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Identical premises in Heanor with a long lease were worth £191,000. The mid-range amount of ground rent was £65 collected quarterly. The lease expired on 1 February 2083. Having 58 years unexpired we approximated the premium to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of costs.