Stop! Your Lease Extension in Blackwell Could Be FREE

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Many leaseholders in Blackwell 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 Blackwell 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.

Why you should start your Blackwell lease extension

Why you should start your Blackwell lease extension today:

Increase your lease and increase your Blackwell property value

Chances are that where you own a flat in Blackwell you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold property. Many will simply refrain from lending at all once the residual lease term drops under a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Blackwell property.

Lender Requirement
Chelsea 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.
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.
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.
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.

What makes us experts in Blackwell lease extensions?

Irrespective of whether you are a tenant or a landlord in Blackwell,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 Blackwell valuers.

Blackwell Lease Extension Example Cases:

Alex, Blackwell, Worcestershire,

Alex was the the leasehold owner of a 2 bedroom apartment in Blackwell being sold with a lease of fraction over 59 years remaining. Alex on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Alex to invoke his statutory right. Alex procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Blackwell case:

Dr A Alexander was assigned a lease of a first floor flat in Blackwell in July 2006. We are asked if we could approximate the price could be for a 90 year extension to my lease. Similar homes in Blackwell with an extended lease were in the region of £208,200. The average ground rent payable was £65 invoiced quarterly. The lease ran out on 22 July 2087. Having 61 years unexpired we calculated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 not including professional charges.

Blackwell case:

Dr O Hernández completed a one bedroom apartment in Blackwell in March 2002. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical residencies in Blackwell with an extended lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced yearly. The lease lapsed on 16 September 2098. Given that there were 72 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.