Stop! Your Lease Extension in Bingham Could Be FREE

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Many leaseholders in Bingham 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 Bingham 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 Bingham lease extension

Main reasons to commence your Bingham lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Bingham. Clearly, the period of lease remaining reduces over time. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Bingham have the legal entitlement to extend the lease for a further 90 years under legislation. Do give due deliberation before putting off your Bingham lease extension. Holding off the cost now only increases the price you will ultimately have to pay for a lease extension

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

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This may cause difficulties as and when you need to sell or refinance your property as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer must hold off for 2 years before being able to exercise the right to a an extension to the lease.

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.
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 30 years plus the term of the mortgage at the outset of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Bingham?

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

Bingham Lease Extension Example Cases:

Ben, Bingham, Nottinghamshire

Two years ago Ben, started to get close to the 80-year threshold with the lease on his ground floor apartment in Bingham. Having bought his property 18 years previously, the lease term was of minimal interest. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Ben was able to extend his lease just under the wire last August. Ben and the freeholder via the managing agents subsequently settled on sum of £5,500 . If the lease had dipped to less than 80 years, the premium would have become more exhorbitant by at least £1,100.

Bingham case:

Last Spring we were contacted by Mr Logan Rose , who moved into a purpose-built flat in Bingham in November 2012. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparative homes in Bingham with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease lapsed on 24 August 2100. Taking into account 74 years left we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.

Bingham case:

Mrs Morgan González moved into a purpose-built apartment in Bingham in May 2007. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Identical premises in Bingham with 100 year plus lease were valued about £248,000. The average ground rent payable was £65 collected per annum. The lease lapsed on 4 May 2089. Given that there were 63 years unexpired we approximated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus expenses.