Stop! Your Lease Extension in Whitchurch Could Be FREE

Get a Free Case Review
Many leaseholders in Whitchurch 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 Whitchurch 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 Whitchurch lease extension

Main reasons to commence your Whitchurch lease extension today:

Increase your lease and increase your Whitchurch property value

Whitchurch residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Lending institutions have set criteria when loaning funds charged on leasehold property. Some will simply refuse lend at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Whitchurch home.

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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Whitchurch?

The lawyers that we work with procure Whitchurch lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Whitchurch Lease Extension Example Cases:

Tia, Whitchurch, Bristol,

Trailing unsuccessful negotiations with the freeholder of her one bedroom apartment in Whitchurch, Tia initiated the lease extension process as the 80 year threshold was quickly coming. The legal work completed in November 2009. The freeholder’s costs were restricted to less than 600 pounds.

Whitchurch case:

Last July we were approach by Mr and Mrs. F Brooks , who bought a one bedroom flat in Whitchurch in January 2012. The question was if we could estimate the premium would be for a 90 year extension to my lease. Comparative properties in Whitchurch with an extended lease were worth £280,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out on 28 April 2104. Given that there were 78 years as a residual term we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including costs.

Whitchurch case:

In 2011 we were approached by Dr U Sharif who, having purchased a garden apartment in Whitchurch in April 1995. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Whitchurch with 100 year plus lease were valued about £186,000. The average amount of ground rent was £65 invoiced yearly. The lease finished on 7 January 2084. Having 58 years left we approximated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 not including expenses.