Stop! Your Lease Extension in Burntwood Could Be FREE

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Many leaseholders in Burntwood 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 Burntwood 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 Burntwood lease extension

Why you should start your Burntwood lease extension today:

Increase your lease and increase your Burntwood property value

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Burntwood were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Lloyds TSB Scotland Minimum 70 years from the date 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 Burntwood lease extensions?

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

Burntwood Lease Extension Example Cases:

Ashleigh, Burntwood, Staffordshire,

In the wake of 6 months of unsuccessful correspondence with the landlord of her first floor apartment in Burntwood, Ashleigh commenced the lease extension process just as her lease was coming close to the crucial 80-year deadline. The transaction completed in February 2005. The freeholder’s charges were restricted to a tad over five hundred GBP.

Burntwood case:

In 2011 we were approached by Mr and Mrs. C Anderson who, having owned a one bedroom apartment in Burntwood in July 2008. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Comparative properties in Burntwood with an extended lease were valued about £205,000. The mid-range ground rent payable was £50 billed monthly. The lease ended in 2105. Considering the 79 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.

Burntwood case:

In 2014 we were phoned by Dr I Parker who, having owned a basement flat in Burntwood in July 2000. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Similar flats in Burntwood with 100 year plus lease were valued about £275,000. The mid-range ground rent payable was £65 collected yearly. The lease termination date was on 9 July 2094. Having 68 years remaining we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.