Stop! Your Lease Extension in Chopwell Could Be FREE

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Many leaseholders in Chopwell 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 Chopwell 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.

Top reasons for Chopwell lease extension

Why you should commence your Chopwell lease extension today:

Increase your lease and increase your Chopwell property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chopwell. Clearly, the length of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Chopwell have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Do give due attention before delaying your Chopwell lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold premises in Chopwell with more than one hundred years remaining on the lease are often regarded as a ‘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 estate charges justify it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Chopwell if the remaining lease term is less than the criteria set by the majority of lenders. Different lenders have different criteria but on the whole theyrequire a minimum remaining lease term of seventy 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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Chopwell?

Using our service will provide you better control over the value of your Chopwell leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chopwell Lease Extension Case Studies:

Oliver, Chopwell, Tyne And Wear

Two years ago Oliver, started to get near to the eighty-year threshold with the lease on his garden apartment in Chopwell. Having bought his property two decades ago, the length of the lease was of no interest. Luckily, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Oliver extended the lease just under the wire in June. Oliver and the freeholder via the management company in the end settled on sum of £5,500 . If he not met the deadline, the premium would have increased by a minimum £1,125.

Chopwell case:

In 2010 we were phoned by Mrs V Lefebvre who, having took over the lease of a ground floor apartment in Chopwell in January 2005. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical premises in Chopwell with a long lease were valued around £181,600. The average amount of ground rent was £55 collected yearly. The lease came to a finish on 13 May 2078. Taking into account 52 years left we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including legals.

Chopwell case:

In 2010 we were e-mailed by Mr and Mrs. I Morgan who, having took over the lease of a studio flat in Chopwell in February 2007. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Similar premises in Chopwell with 100 year plus lease were valued around £285,000. The average amount of ground rent was £45 collected per annum. The lease came to a finish in 2098. Taking into account 72 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.