Stop! Your Lease Extension in Todmorden Could Be FREE

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Many leaseholders in Todmorden 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 Todmorden 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 Todmorden lease extension

Why you should commence your Todmorden lease extension today:

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

The market value of Todmorden 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 remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Todmorden with over one hundred years unexpired 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 premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic once you come to sell or refinance your flat as it will be effectively unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser will have to hold off for 2 years before being able to exercise the right to a an extension to the lease.

Lender Requirement
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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Why use us for your lease extension in Todmorden?

Regardless of whether you are a tenant or a landlord in Todmorden,the lease extension solicitors 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 Todmorden valuers.

Todmorden Lease Extension Case Summaries:

Leo, Todmorden, West Yorkshire

14 months ago Leo, came precariously near to the 80-year mark with the lease on his ground floor flat in Todmorden. In buying his flat two decades ago, the unexpired term was of minimal interest. Luckily, he realised he would imminently be paying an escalated premium for Extending the lease. Leo extended the lease just under the wire in March. Leo and the landlord in the end agreed on sum of £6,000 . If the lease had dropped to less than eighty years, the figure would have become more costly by at least £850.

Todmorden case:

Dr Harrison Walker completed a basement apartment in Todmorden in June 2006. The question was if we could approximate the premium would be for a 90 year lease extension. Similar residencies in Todmorden with an extended lease were valued about £174,200. The average amount of ground rent was £55 collected monthly. The lease terminated in 2077. Given that there were 51 years outstanding we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 plus costs.

Todmorden case:

Mr and Mrs. A Hernández moved into a purpose-built flat in Todmorden in September 2000. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar premises in Todmorden with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £45 billed annually. The lease concluded in 2097. Taking into account 71 years remaining we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.