Stop! Your Lease Extension in Arley Could Be FREE

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Many leaseholders in Arley 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 Arley 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 start your Arley lease extension

Main reasons to start your Arley lease extension today:

A Arley leasehold property depreciates with the years remaining on the lease.

The market value of Arley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Many will simply refuse lend at all once the residual lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years suitable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Arley property.

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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

Retaining our service gives you better control over the value of your Arley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Arley Lease Extension Case Studies:

Oliver, Arley, Warwickshire

Last year Oliver, started to get near to the 80-year mark with the lease on his purpose- built apartment in Arley. Having purchased his property two decades ago, the unexpired term was of no interest. Fortunately, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Oliver extended the lease just ahead of time last September. Oliver and the landlord subsequently settled on the final figure of £5,000 . If he not met the deadline, the price would have increased by a minimum £1,075.

Arley case:

Ms C Gómez took over the lease of a purpose-built apartment in Arley in January 2000. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative flats in Arley with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease terminated in 2099. Taking into account 73 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.

Arley case:

Mr and Mrs. H Murphy took over the lease of a purpose-built flat in Arley in April 2010. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Identical homes in Arley with a long lease were worth £264,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended on 8 November 2079. Having 53 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 plus legals.