Stop! Your Lease Extension in Tibshelf Could Be FREE

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Many leaseholders in Tibshelf 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 Tibshelf 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 Tibshelf lease extension

Why you should commence your Tibshelf lease extension today:

Increase your lease and increase your Tibshelf property value

Chances are that where you own a flat in Tibshelf you actually own a long leasehold interest over your property

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to finance a property with a short lease

The trend since the credit crunch has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Coventry Building Society 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.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Tibshelf?

Irrespective of whether you are a tenant or a freeholder in Tibshelf,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tibshelf valuers.

Tibshelf Lease Extension Case Summaries:

Sebastian, Tibshelf, Derbyshire

In 2014 Sebastian, started to get close to the 80-year threshold with the lease on his basement flat in Tibshelf. In buying his property two decades ago, the unexpired term was of little interest. Fortunately, he realised he needed to take steps soon on a lease extension. Sebastian extended the lease just in the nick of time last March. Sebastian and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If he had missed the deadline, the sum would have gone up by at least £875.

Tibshelf case:

In 2012 we were approached by Mr and Mrs. O Jones who, having purchased a garden apartment in Tibshelf in March 2009. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable homes in Tibshelf with an extended lease were valued about £280,000. The mid-range ground rent payable was £45 collected every twelve months. The lease lapsed in 2095. Considering the 69 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.

Tibshelf case:

Last Autumn we were contacted by Dr Jodie Hill , who bought a newly refurbished flat in Tibshelf in February 2005. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical flats in Tibshelf with a long lease were in the region of £216,000. The average amount of ground rent was £60 billed annually. The lease finished on 17 July 2084. Having 58 years left we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of expenses.