Stop! Your Lease Extension in Denbigh Could Be FREE

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Many leaseholders in Denbigh are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Denbigh has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Denbigh lease extension

Top reasons for lease extension now:

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

The market value of Denbigh 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 escalate significantly once the unexpired lease term is less than 80 years

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

Leasehold properties in Denbigh with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is likely that someone wishing to buy your property in the future might well do, so if they are unable to obtain a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Chelsea Building Society 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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

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.
 


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.

Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Denbigh?

Lease extensions in Denbigh can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Denbigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Denbigh Lease Extension Case Studies:

Kayleigh, Denbigh, Denbighshire,

Subsequent to lengthy correspondence with the landlord of her one bedroom apartment in Denbigh, Kayleigh started the lease extension process just as her lease was nearing the crucial 80-year mark. The lease extension was concluded in October 2015. The landlord’s fees were kept to an absolute minimum.

Denbigh case:

Last Autumn we were phoned by Mr and Mrs. H David , who purchased a one bedroom apartment in Denbigh in January 2003. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Similar residencies in Denbigh with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 billed quarterly. The lease lapsed in 2105. Taking into account 79 years left we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Denbigh case:

In 2010 we were e-mailed by Mr P Reed who, having acquired a first floor apartment in Denbigh in March 1998. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Identical homes in Denbigh with a long lease were worth £275,000. The average amount of ground rent was £65 invoiced every twelve months. The lease came to a finish in 2094. Given that there were 68 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.