Stop! Your Lease Extension in Bacup Could Be FREE

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Many leaseholders in Bacup 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 Bacup 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 Bacup lease extension

Main reasons to start your Bacup lease extension today:

A Bacup lease depreciates with the years remaining on the lease.

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

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

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.
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.
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.

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

Lease extensions in Bacup can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 Bacup lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bacup Lease Extension Example Cases:

Jude, Bacup, Lancashire

Two years ago Jude, came seriously close to the 80-year mark with the lease on his basement apartment in Bacup. In buying his property 19 years previously, the length of the lease was of minimal concern. by good luck, he realised he needed to take action soon on Extending the lease. Jude was able to extend his lease at the eleventh hour in August. Jude and the landlord who owned the flat above subsequently settled on the final figure of £5,500 . If he not met the deadline, the premium would have become more costly by at least £975.

Bacup case:

Dr O Petit purchased a purpose-built apartment in Bacup in March 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Similar residencies in Bacup with 100 year plus lease were worth £191,000. The mid-range ground rent payable was £65 billed per annum. The lease ran out in 2084. Taking into account 58 years left we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of legals.

Bacup case:

Dr O Sánchez purchased a ground floor apartment in Bacup in March 2005. The dilemma was if we could approximate the price would be for a ninety year lease extension. Similar flats in Bacup with a long lease were worth £250,000. The average amount of ground rent was £50 billed per annum. The lease came to a finish in 2095. Considering the 69 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.