Stop! Your Lease Extension in Chapeltown Could Be FREE

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Many leaseholders in Chapeltown 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 Chapeltown 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 start your Chapeltown lease extension

Top reasons for lease extension now:

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

The value of Chapeltown leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Chapeltown with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to lend on a short lease

Banks and Building Societies have specific criteria when loaning monies charged on leasehold property. Some will simply refuse lend at all once the remaining lease term goes beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Chapeltown property.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
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 Chapeltown lease extensions?

Lease extensions in Chapeltown can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.

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 in-depth market knowledge dealing with Chapeltown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chapeltown Lease Extension Example Cases:

Megan, Chapeltown, Leeds,

After unsuccessful negotiations with the freeholder of her ground floor flat in Chapeltown, Megan initiated the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction was finalised in November 2010. The freeholder’s costs were negotiated to below 450 pounds.

Chapeltown case:

In 2012 we were e-mailed by Ms Millie Miller who, having purchased a studio apartment in Chapeltown in April 2008. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Chapeltown with an extended lease were in the region of £191,400. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease termination date was on 26 June 2080. Considering the 54 years outstanding we calculated the premium to the landlord to extend the lease to be within £34,200 and £39,600 plus legals.

Chapeltown case:

Mr J Sánchez completed a basement apartment in Chapeltown in April 2012. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar premises in Chapeltown with a long lease were in the region of £295,000. The average ground rent payable was £45 invoiced quarterly. The lease expiry date was on 1 September 2100. Taking into account 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.