Stop! Your Lease Extension in Bodmin Could Be FREE

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Many leaseholders in Bodmin 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 Bodmin 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 commence your Bodmin lease extension

Main reasons to commence your Bodmin lease extension today:

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

Bodmin residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

Bodmin property with a lease extension has roughly the same value as a freehold

Leasehold properties in Bodmin with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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.
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.
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

Why use us for your lease extension in Bodmin?

Retaining our service gives you increased control over the value of your Bodmin leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bodmin Lease Extension Example Cases:

Blake, Bodmin, Cornwall

Last October Blake, came seriously close to the 80-year threshold with the lease on his studio apartment in Bodmin. In buying his property two decades ago, the unexpired term was of no bearing. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Blake extended the lease at the eleventh hour last September. Blake and the freeholder via the managing agents subsequently agreed on a premium of £5,000 . If the lease had fallen lower than eighty years, the price would have escalated by a minimum £1,025.

Bodmin case:

Last month we were called by Mr Benjamin David , who completed a one bedroom apartment in Bodmin in November 1996. The question was if we could approximate the premium could be for a ninety year lease extension. Comparative homes in Bodmin with 100 year plus lease were valued about £223,400. The mid-range ground rent payable was £60 invoiced per annum. The lease finished on 4 August 2085. Having 59 years unexpired we calculated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 not including costs.

Bodmin case:

Last year we were e-mailed by Mr and Mrs. Y Jackson , who completed a ground floor apartment in Bodmin in August 2009. We are asked if we could estimate the premium would be to extend the lease by an additional years. Similar flats in Bodmin with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 billed quarterly. The lease concluded on 4 February 2105. Considering the 79 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.