Heanor leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Heanor tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Heanor you would be well advised to investigate if your lease has between seventy and ninety years left. There are good reasons why a Heanor leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Santander |
Engaging our service gives you increased control over the value of your Heanor leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Jack, came critically near to the 80-year threshold with the lease on his purpose- built apartment in Heanor. In buying his flat two decades ago, the length of the lease was of minimal significance. As luck would have it, he realised he would soon be paying an inflated amount for a lease extension. Jack was able to extend his lease just in the nick of time in August. Jack and the landlord eventually settled on a premium of £6,000 . If he not met the deadline, the premium would have gone up by a minimum £1,050.
Last Winter we were approach by Dr Caleb López , who was assigned a lease of a newly refurbished flat in Heanor in August 2001. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Comparative residencies in Heanor with an extended lease were valued about £261,600. The mid-range ground rent payable was £60 billed quarterly. The lease terminated on 10 January 2078. Taking into account 52 years as a residual term we calculated the premium to the landlord for the lease extension to be within £39,000 and £45,000 exclusive of costs.
In 2013 we were contacted by Mr and Mrs. M Gray who, having owned a one bedroom flat in Heanor in May 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Heanor with a long lease were worth £218,000. The mid-range ground rent payable was £45 collected annually. The lease concluded on 7 May 2089. Taking into account 63 years outstanding we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of expenses.