Stop! Your Lease Extension in Bow Street Could Be FREE

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Many leaseholders in Bow Street 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 Bow Street 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 Bow Street lease extension

Top reasons for lease extension now:

A Bow Street lease depreciates with the years remaining on the lease.

Bow Street residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Bow Street with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions will not loan monies on a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Bow Street property being difficult to dispose of or refinance.

Lender Requirement
Bank of Scotland 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.
Coventry Building Society 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.
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.

What makes us experts in Bow Street lease extensions?

Lease extensions in Bow Street can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Bow Street lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bow Street Lease Extension Example Cases:

Rebecca, Bow Street, Ceredigion,

Off the back of unsuccessful discussions with the landlord of her one bedroom flat in Bow Street, Rebecca started the lease extension process just as the lease was coming close to the critical eighty-year threshold. The legal work was finalised in March 2011. The freeholder’s costs were restricted to about 550 pounds.

Bow Street case:

Dr Gemma Torres took over the lease of a one bedroom flat in Bow Street in October 1999. The question was if we could estimate the premium would be to prolong the lease by 90 years. Similar homes in Bow Street with a long lease were valued around £203,200. The mid-range amount of ground rent was £65 collected per annum. The lease end date was on 15 March 2087. Given that there were 61 years left we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus expenses.

Bow Street case:

Last year we were approach by Ms Alice Wright , who acquired a basement flat in Bow Street in May 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative residencies in Bow Street with a long lease were worth £260,000. The average ground rent payable was £50 invoiced yearly. The lease concluded on 12 July 2098. Considering the 72 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.