Stop! Your Lease Extension in Newington Could Be FREE

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Many leaseholders in Newington 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 Newington 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 Newington lease extension

Main reasons to commence your Newington lease extension today:

Increase your lease and increase your Newington property value

The only way is down when it comes to Newington lease terms. Newington properties that have a remaining term less than than 80 years will drop in market price at a rapid rate, and the cost to extend your lease will increase.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not grant a mortgage with a short lease

Most mortgage lenders will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Newington property becoming difficult to dispose of or to obtain finance on.

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.
Birmingham Midshires 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.
Lloyds TSB Scotland 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.

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

Regardless of whether you are a tenant or a freeholder in Newington,the lease extension experts 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 Newington valuers.

Newington Lease Extension Case Summaries:

Oscar, Newington, South East London

14 months ago Oscar, came perilously near to the 80-year threshold with the lease on his one bedroom flat in Newington. In buying his flat 19 years previously, the unexpired term was of little concern. Thankfully, he recognised he would imminently be paying way over the odds for a lease extension. Oscar extended the lease at the eleventh hour in May. Oscar and the freeholder via the management company subsequently settled on sum of £5,000 . If he not met the deadline, the premium would have gone up by at least £1,075.

Newington case:

In 2013 we were e-mailed by Mrs Aimee Young who, having acquired a one bedroom flat in Newington in March 2006. The question was if we could estimate the premium would be for a ninety year lease extension. Similar homes in Newington with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 invoiced quarterly. The lease expired on 14 January 2090. Having 64 years outstanding we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 plus professional charges.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement matter before the tribunal for a Newington premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term as at the valuation date was 107 years.