Stop! Your Lease Extension in Badminton Could Be FREE

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Many leaseholders in Badminton 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 Badminton 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 Badminton lease extension

Why you should commence your Badminton lease extension today:

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

The market value of Badminton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering plenty of flats in Badminton were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

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.
Birmingham Midshires Minimum 70 years from the date 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.

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.

What makes us experts in Badminton lease extensions?

Engaging our service will provide you enhanced control over the value of your Badminton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Badminton Lease Extension Example Cases:

Blake, Badminton, Gloucestershire

Half a year ago Blake, came critically close to the 80-year mark with the lease on his leasehold flat in Badminton. In buying his flat 18 years ago, the lease term was of little importance. Thankfully, it dawned on him that he would soon be paying an inflated amount for a lease extension. Blake was able to extend his lease just under the wire in April. Blake and the landlord ultimately settled on the final figure of £6,000 . If he failed to meet the deadline, the price would have increased by a minimum £975.

Badminton case:

Last Autumn we were approach by Mr and Mrs. P Brooks , who was assigned a lease of a first floor apartment in Badminton in September 2002. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Similar flats in Badminton with a long lease were worth £265,200. The mid-range ground rent payable was £65 collected monthly. The lease came to a finish on 1 May 2092. Having 66 years remaining we estimated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of professional charges.

Badminton case:

In 2012 we were called by Mr H Wilson who, having was assigned a lease of a garden apartment in Badminton in May 1998. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative premises in Badminton with an extended lease were worth £198,800. The average ground rent payable was £55 collected monthly. The lease lapsed on 21 October 2081. Having 55 years remaining we calculated the premium to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of professional charges.