Stop! Your Lease Extension in Verwood Could Be FREE

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Many leaseholders in Verwood 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 Verwood 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 Verwood lease extension

Why you should start your Verwood lease extension today:

Increase your lease and increase your Verwood property value

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

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies may not loan monies on a short lease

Mortgage companies are really clamping down as regards to properties in Verwood with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting the number of potential purchasers.

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.
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.
Halifax Minimum 70 years from the date of the mortgage.
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.

What makes us experts in Verwood lease extensions?

Engaging our service gives you increased control over the value of your Verwood leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Verwood Lease Extension Example Cases:

Natasha, Verwood, Dorset,

After protracted discussions with the freeholder of her purpose-built apartment in Verwood, Natasha initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The lease extension was finalised in July 2014. The landlord’s costs were negotiated to less than 600 pounds.

Verwood case:

Mr and Mrs. H Gunderson took over the lease of a purpose-built flat in Verwood in May 2003. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparative properties in Verwood with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 collected monthly. The lease concluded in 2095. Taking into account 69 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.

Verwood case:

Last Spring we were approach by Mr and Mrs. C André , who owned a ground floor flat in Verwood in November 2002. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar properties in Verwood with 100 year plus lease were valued around £290,000. The average amount of ground rent was £60 billed per annum. The lease expired in 2106. Taking into account 80 years remaining we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.