Stop! Your Lease Extension in Shadwell Could Be FREE

Get a Free Case Review
Many leaseholders in Shadwell 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 Shadwell 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 commence your Shadwell lease extension

Main reasons to commence your Shadwell lease extension today:

Increase your lease and increase your Shadwell property value

On the balance of probabilities where you own a flat in Shadwell you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not lend with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years remaining on the lease; others may be content with anything with more than 70 years. Below 60 years, it may be difficult to get a mortgage at all.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Shadwell?

Regardless of whether you are a tenant or a landlord in Shadwell,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shadwell valuers.

Shadwell Lease Extension Case Studies:

Millie, Shadwell, Leeds,

After protracted negotiations with the landlord of her ground floor flat in Shadwell, Millie commenced the lease extension process as the 80 year threshold was swiftly approaching. The transaction was finalised in October 2009. The freeholder’s costs were kept to an absolute minimum.

Shadwell case:

Last Autumn we were e-mailed by Mr I Anderson , who took over the lease of a garden flat in Shadwell in August 2000. The question was if we could estimate the price could be to prolong the lease by a further 90 years. Comparable flats in Shadwell with an extended lease were valued about £216,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease concluded on 7 April 2084. Having 58 years left we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus costs.

Decision in Southwark

An example of a Freehold Enfranchisement matter before the tribunal for a Shadwell property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired lease term was 101.61 years.