Stop! Your Lease Extension in Borehamwood Could Be FREE

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Many leaseholders in Borehamwood 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 Borehamwood 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 Borehamwood lease extension

Why you should commence your Borehamwood lease extension today:

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

The value of Borehamwood 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 increase substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Borehamwood with in excess of 100 years unexpired on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you need to sell your flat in Borehamwood if the remaining lease term is below the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least 65 years.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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 Borehamwood?

The conveyancers that we work with procure Borehamwood lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Borehamwood Lease Extension Case Studies:

Daniel, Borehamwood, Hertfordshire,

Daniel was the the leasehold owner of a high value flat in Borehamwood being marketed with a lease of fraction over 59 years remaining. Daniel informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Daniel to exercise his statutory right. Daniel obtained expert advice and secured satisfactory resolution informally and readily saleable.

Borehamwood case:

Dr Noah Thompson moved into a studio apartment in Borehamwood in November 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable homes in Borehamwood with an extended lease were in the region of £255,000. The average amount of ground rent was £50 billed quarterly. The lease terminated in 2096. Having 70 years unexpired we calculated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 not including expenses.

Decision in Barnet

An example of a Lease Extension matter before the tribunal for a Borehamwood property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The number of years remaining on the existing lease(s) was 71.73 years.