Charmouth Lease Extension - Free Consultation

Before you progress with your lease extension in Charmouth
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Charmouth lease extension


Why you should start your Charmouth lease extension today:

A Charmouth leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Charmouth you actually own a long leasehold interest over your property

Charmouth property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not grant a mortgage on a short lease

Most mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone intending to acquire your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of your property will likely be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Charmouth?

The conveyancing solicitors that we work with undertake Charmouth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Charmouth Lease Extension Case Summaries:

Jade, Charmouth, Dorset,

Off the back of protracted discussions with the landlord of her two bedroom flat in Charmouth, Jade initiated the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work was concluded in August 2010. The landlord’s fees were negotiated to below 550 pounds.

Charmouth case:

In 2010 we were contacted by Mrs N Bailey who, having purchased a first floor apartment in Charmouth in August 2006. The question was if we could approximate the premium would likely be for a 90 year lease extension. Identical flats in Charmouth with 100 year plus lease were worth £290,000. The average ground rent payable was £45 invoiced yearly. The lease finished in 2097. Taking into account 73 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.

Charmouth case:

Dr Leah Moreau was assigned a lease of a newly refurbished apartment in Charmouth in March 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable homes in Charmouth with 100 year plus lease were worth £240,600. The average amount of ground rent was £60 collected every twelve months. The lease elapsed in 2086. Taking into account 62 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including costs.