Stop! Your Lease Extension in Hale Barns Could Be FREE

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Many leaseholders in Hale Barns 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 Hale Barns 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 Hale Barns lease extension

Main reasons to start your Hale Barns lease extension today:

Increase your lease and increase your Hale Barns property value

Hale Barns residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

Hale Barns property with a lease extension has roughly the same value as a freehold

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

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

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years left once the mortgage has expired. As plenty of flats in Hale Barns were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Hale Barns lease extension solicitors or enfranchisement solicitors

The lawyers that we work with handle Hale Barns 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 lawyer we work with provide it.

Hale Barns Lease Extension Case Studies:

Sophia, Hale Barns, Cheshire,

Subsequent to lengthy correspondence with the freeholder of her basement flat in Hale Barns, Sophia commenced the lease extension process as the 80 year threshold was quickly approaching. The lease extension was concluded in April 2011. The freeholder’s fees were restricted to slightly above five hundred GBP.

Hale Barns case:

Mrs Robyn Taylor owned a one bedroom flat in Hale Barns in August 2002. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Identical premises in Hale Barns with an extended lease were valued about £261,600. The average amount of ground rent was £60 invoiced annually. The lease came to a finish on 5 January 2078. Taking into account 52 years as a residual term we estimated the premium to the landlord to extend the lease to be within £39,000 and £45,000 not including fees.

Hale Barns case:

Mr and Mrs. N Collins took over the lease of a basement flat in Hale Barns in April 2008. The question was if we could estimate the price would be to extend the lease by ninety years. Comparable premises in Hale Barns with a long lease were worth £218,000. The average amount of ground rent was £45 billed monthly. The lease ended on 5 November 2089. Considering the 63 years outstanding we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of legals.