Stop! Your Lease Extension in Arkley Could Be FREE

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Many leaseholders in Arkley 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 Arkley 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 Arkley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Arkley property value

Arkley 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 the lease becomes more expensive. It is the case that most Arkley tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Arkley you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Arkley flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

Arkley property with a lease extension is almost the same value as a freehold

Leasehold premises in Arkley with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

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

Banks and building societies do not lend on short residential leases. You are likely to experience problems if you need to sell your flat in Arkley if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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 Arkley lease extensions?

Irrespective of whether you are a tenant or a freeholder in Arkley,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Arkley valuers.

Arkley Lease Extension Example Cases:

Melissa, Arkley, North London,

Subsequent to unsuccessful negotiations with the landlord of her purpose-built apartment in Arkley, Melissa commenced the lease extension process just as the lease was nearing the crucial 80-year mark. The legal work was finalised in June 2013. The freeholder’s fees were restricted to approximately 700 pounds.

Arkley case:

In 2014 we were contacted by Dr M Roux who, having owned a purpose-built apartment in Arkley in May 2007. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparative premises in Arkley with an extended lease were valued about £233,200. The average ground rent payable was £60 invoiced annually. The lease finished on 25 February 2087. Considering the 61 years left we approximated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 plus expenses.

Decision in Barnet

An example of a Lease Extension decision for a Arkley property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The number of years remaining on the existing lease(s) was 71.73 years.