Stop! Your Lease Extension in Bulwell Could Be FREE

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Many leaseholders in Bulwell 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 Bulwell 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 Bulwell lease extension

Why you should start your Bulwell lease extension today:

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

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

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

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to properties in Bulwell with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of potential buyers.

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.
Halifax Minimum 70 years from the date of the mortgage.
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

What makes us experts in Bulwell lease extensions?

The conveyancing solicitors that we work with handle Bulwell 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 conveyancer we work with provide it.

Bulwell Lease Extension Example Cases:

Rosie, Bulwell, Nottinghamshire,

Subsequent to lengthy correspondence with the landlord of her leasehold flat in Bulwell, Rosie commenced the lease extension process as the eighty year threshold was quickly nearing. The lease extension completed in March 2015. The freeholder’s fees were negotiated to slightly above 700 GBP.

Bulwell case:

In 2012 we were phoned by Mr David Bailey who, having acquired a one bedroom apartment in Bulwell in July 2001. The question was if we could estimate the price could be to extend the lease by ninety years. Similar premises in Bulwell with a long lease were valued around £191,400. The average amount of ground rent was £55 invoiced per annum. The lease finished in 2080. Having 54 years as a residual term we calculated the premium to the landlord for the lease extension to be between £34,200 and £39,600 exclusive of expenses.

Bulwell case:

Mr E Rose bought a garden flat in Bulwell in November 2008. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative premises in Bulwell with a long lease were valued around £295,000. The average amount of ground rent was £45 invoiced monthly. The lease lapsed on 1 October 2100. Having 74 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.