Stop! Your Lease Extension in Shirehampton Could Be FREE

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Many leaseholders in Shirehampton 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 Shirehampton 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 Shirehampton lease extension

Main reasons to commence your Shirehampton lease extension today:

Increase your lease and increase your Shirehampton property value

Shirehampton residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

Shirehampton property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past lenders would lend on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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

What makes us experts in Shirehampton lease extensions?

Lease extensions in Shirehampton can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.

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 in-depth market knowledge dealing with Shirehampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shirehampton Lease Extension Case Studies:

Finn, Shirehampton, Bristol,

Finn owned a conversion flat in Shirehampton being marketed with a lease of a little over sixty years unexpired. Finn on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Finn to exercise his statutory right. Finn obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.

Shirehampton case:

Last year we were approach by Ms L Hernández , who purchased a first floor apartment in Shirehampton in June 1997. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparative properties in Shirehampton with a long lease were in the region of £183,600. The average amount of ground rent was £65 invoiced quarterly. The lease lapsed on 20 February 2083. Given that there were 57 years remaining we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including legals.

Shirehampton case:

In 2009 we were called by Dr Luke Bennett who, having owned a purpose-built flat in Shirehampton in February 2001. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative flats in Shirehampton with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 collected monthly. The lease finished on 15 April 2094. Having 68 years outstanding we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.