Stop! Your Lease Extension in Peterlee Could Be FREE

Get a Free Case Review
Many leaseholders in Peterlee 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 Peterlee 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 Peterlee lease extension

Top reasons for lease extension now:

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

The market value of Peterlee leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold properties in Peterlee with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not finance a property with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As many flats in Peterlee were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Lender Requirement
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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.
Yorkshire 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.

What makes us experts in Peterlee lease extensions?

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

Peterlee Lease Extension Case Studies:

Sophie, Peterlee, County Durham,

In the wake of eight months of unsuccessful discussions with the freeholder of her two bedroom apartment in Peterlee, Sophie started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was concluded in January 2007. The freeholder’s fees were negotiated to a tad over 700 GBP.

Peterlee case:

Last July we were called by Mrs Poppy Moreau , who completed a studio apartment in Peterlee in March 2001. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparable flats in Peterlee with an extended lease were valued around £275,000. The average ground rent payable was £55 collected monthly. The lease ran out in 2102. Having 76 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Peterlee case:

In 2010 we were phoned by Mr and Mrs. V Nelson who, having took over the lease of a one bedroom apartment in Peterlee in August 1998. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Comparative premises in Peterlee with an extended lease were valued about £176,200. The average ground rent payable was £65 billed monthly. The lease end date was on 10 September 2082. Given that there were 56 years left we estimated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of fees.