Stop! Your Lease Extension in Elland Could Be FREE

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Many leaseholders in Elland 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 Elland 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.

Top reasons for Elland lease extension

Why you should commence your Elland lease extension today:

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

On the balance of probabilities if you own a flat in Elland you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Elland with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties as and when you come to market or refinance your property as it will be practically unmortgageable. Even though you might have no imminent intention to sell but when you do your buyer will have to hold off for a couple of years before being able to initiate the legal procedures for a lease extension.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Elland lease extensions?

Regardless of whether you are a tenant or a landlord in Elland,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Elland valuers.

Elland Lease Extension Example Cases:

Teddy, Elland, West Yorkshire

In 2014 Teddy, started to get close to the eighty-year mark with the lease on his leasehold apartment in Elland. In buying his property 19 years ago, the length of the lease was of minimal concern. by good luck, he realised he needed to take action soon on Extending the lease. Teddy extended the lease just ahead of time last April. Teddy and the freeholder ultimately settled on the final figure of £5,000 . If he had missed the deadline, the price would have become more costly by a minimum £1,025.

Elland case:

In 2014 we were contacted by Ms Anna Bonnet who, having completed a basement apartment in Elland in July 2011. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparable properties in Elland with a long lease were in the region of £300,000. The average amount of ground rent was £50 invoiced yearly. The lease elapsed on 4 August 2102. Considering the 76 years left we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.

Elland case:

In 2013 we were e-mailed by Ms F Michel who, having was assigned a lease of a newly refurbished apartment in Elland in May 2008. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical homes in Elland with a long lease were worth £257,800. The average ground rent payable was £65 collected per annum. The lease ended on 18 August 2091. Taking into account 65 years unexpired we estimated the premium to the landlord to extend the lease to be between £18,100 and £20,800 plus expenses.