Stop! Your Lease Extension in Bingley Could Be FREE

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Many leaseholders in Bingley 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 Bingley 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.

Top reasons for Bingley lease extension

Main reasons to commence your Bingley lease extension today:

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

Bingley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Bingley residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bingley you should investigate if your lease has between 70 and ninety years remaining. There are good reasons why a Bingley leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

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

Leasehold premises in Bingley with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may not lend on a short lease

Most banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider lending on it. Regardless of whether you need a mortgage, you should be aware that it is probable that someone wishing to purchase your property in the future might well do, so if they are not able to secure a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

What makes us experts in Bingley lease extensions?

Irrespective of whether you are a tenant or a freeholder in Bingley,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 Bingley valuers.

Bingley Lease Extension Case Studies:

Henry, Bingley, West Yorkshire

18 months ago Henry, started to get near to the 80-year threshold with the lease on his studio flat in Bingley. In buying his property two decades ago, the unexpired term was of little bearing. by good luck, it dawned on him that he would soon be paying an inflated amount for a lease extension. Henry extended the lease just ahead of time in April. Henry and the landlord ultimately agreed on an amount of £6,000 . If he not met the deadline, the sum would have become more costly by at least £900.

Bingley case:

In 2009 we were called by Mrs Laura Johnson who, having acquired a first floor flat in Bingley in October 1998. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in Bingley with an extended lease were in the region of £218,000. The average amount of ground rent was £45 invoiced per annum. The lease finished on 12 February 2089. Considering the 63 years unexpired we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 not including professional charges.

Bingley case:

Mrs W Rivera purchased a studio flat in Bingley in October 2007. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparative flats in Bingley with 100 year plus lease were worth £265,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease concluded in 2100. Taking into account 74 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.