Stop! Your Lease Extension in Halstead Could Be FREE

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Many leaseholders in Halstead 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 Halstead 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.

Main reasons to commence your Halstead lease extension

Why you should start your Halstead lease extension today:

Increase your lease and increase your Halstead property value

The value of Halstead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is below than 80 years

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

It is generally considered that a residential leasehold with more than 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 residence will be equivalent in value to a freehold for many years in the future.

Lenders may not finance a property on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold homes. Some will simply refrain from lending at all once the residual lease term falls under a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Halstead property.

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.
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.
Halifax Minimum 70 years from the date of the mortgage.
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 Halstead lease extensions?

Engaging our service will provide you better control over the value of your Halstead leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Halstead Lease Extension Case Studies:

Isobel, Halstead, Essex,

Off the back of unsuccessful discussions with the landlord of her one bedroom apartment in Halstead, Isobel initiated the lease extension process as the eighty year deadline was quickly approaching. The lease extension was concluded in October 2006. The landlord’s costs were negotiated to less than 450 pounds.

Halstead case:

Mr and Mrs. W André purchased a studio flat in Halstead in May 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar residencies in Halstead with 100 year plus lease were valued about £275,000. The average amount of ground rent was £55 collected yearly. The lease expired in 2102. Given that there were 76 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.

Halstead case:

In 2013 we were approached by Mr and Mrs. C Robinson who, having acquired a basement flat in Halstead in November 2012. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Identical properties in Halstead with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease ran out in 2082. Taking into account 56 years unexpired we calculated the premium to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of costs.