Whaley Bridge Lease Extension - Free Consultation

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Main reasons to start your Whaley Bridge lease extension


Top reasons for lease extension now:

A Whaley Bridge leasehold property depreciates with the years remaining on the lease.

Whaley Bridge leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Whaley Bridge residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Whaley Bridge you must check if your lease has between 70 and ninety years remaining. There are good reasons why a Whaley Bridge flat owner with a lease having around 80 years left should take action to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Whaley Bridge with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone intending to buy your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

Get in touch with one of our Whaley Bridge lease extension solicitors or enfranchisement solicitors

Lease extensions in Whaley Bridge can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 a wealth of experience procuring Whaley Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Whaley Bridge Lease Extension Example Cases:

David, Whaley Bridge, Derbyshire

Last Winter David, came very near to the eighty-year mark with the lease on his ground floor apartment in Whaley Bridge. In buying his property two decades ago, the lease term was of no bearing. Thankfully, he realised he needed to take action soon on Extending the lease. David extended the lease just under the wire in July. David and the freeholder via the managing agents ultimately agreed on a premium of £6,000 . If the lease had gone lower than 80 years, the amount would have gone up by at least £1,025.

Whaley Bridge case:

Last Autumn we were called by Ms Mia James , who purchased a studio apartment in Whaley Bridge in July 2002. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Comparable properties in Whaley Bridge with a long lease were worth £275,000. The average ground rent payable was £45 billed quarterly. The lease concluded in 2093. Having 69 years remaining we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus legals.

Whaley Bridge case:

In 2012 we were e-mailed by Ms D Ward who, having owned a purpose-built apartment in Whaley Bridge in September 1996. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparable premises in Whaley Bridge with 100 year plus lease were worth £216,000. The mid-range ground rent payable was £60 collected per annum. The lease terminated on 6 August 2082. Considering the 58 years outstanding we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus legals.