Stop! Your Lease Extension in Hungerford Could Be FREE

Get a Free Case Review
Many leaseholders in Hungerford 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 Hungerford 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 start your Hungerford lease extension

Why you should commence your Hungerford lease extension today:

Increase your lease and increase your Hungerford property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Hungerford. Inevitably, the term of lease left reduces over time. This is often ignored and only becomes a problem when the property has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Hungerford have the legal entitlement to extend the lease for an additional ninety years under legislation. Please give careful attention before putting off your Hungerford lease extension. Putting off the cost now only increases the price you will eventually incur for a lease extension

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders 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 mortgage lenders start to become concerned at around 75 years. This will cause difficulties as and when you come to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may have no immediate intention to sell but when you do your purchaser must hold off for a couple of years before they can exercise the right to a a lease extension.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Lease extensions in Hungerford can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

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 procuring Hungerford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hungerford Lease Extension Case Studies:

Niamh, Hungerford, Berkshire,

Trailing protracted correspondence with the freeholder of her purpose-built apartment in Hungerford, Niamh commenced the lease extension process as the eighty year threshold was swiftly coming. The legal work was finalised in February 2013. The freeholder’s charges were kept to an absolute minimum.

Hungerford case:

In 2012 we were phoned by Dr O Norbert who, having purchased a one bedroom apartment in Hungerford in August 1999. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative properties in Hungerford with 100 year plus lease were valued around £171,800. The average ground rent payable was £55 collected every twelve months. The lease elapsed on 16 September 2076. Having 50 years outstanding we approximated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including costs.

Hungerford case:

Mr and Mrs. K Lambert bought a ground floor flat in Hungerford in June 2007. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Identical flats in Hungerford with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease came to a finish on 11 April 2096. Considering the 70 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.