Stop! Your Lease Extension in Whitehaven Could Be FREE

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

Top reasons for lease extension now:

Increase your lease and increase your Whitehaven property value

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

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

Leasehold residencies in Whitehaven with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

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.
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.
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 Whitehaven lease extensions?

The lawyers that we work with procure Whitehaven 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.

Whitehaven Lease Extension Case Summaries:

Georgina, Whitehaven, Cumbria,

Trailing lengthy discussions with the landlord of her studio flat in Whitehaven, Georgina started the lease extension process as the 80 year threshold was fast coming. The legal work completed in July 2009. The freeholder’s fees were negotiated to about 550 pounds.

Whitehaven case:

Ms Courtney Young purchased a ground floor flat in Whitehaven in May 2004. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Identical flats in Whitehaven with 100 year plus lease were in the region of £201,200. The average ground rent payable was £55 invoiced monthly. The lease expired in 2082. Considering the 56 years left we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus fees.

Whitehaven case:

Dr Ali Mason completed a first floor apartment in Whitehaven in October 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative properties in Whitehaven with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 collected annually. The lease lapsed on 28 June 2102. Considering the 76 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.