Stop! Your Lease Extension in Consett Could Be FREE

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Many leaseholders in Consett 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 Consett 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 Consett lease extension

Why you should commence your Consett lease extension today:

Increase your lease and increase your Consett property value

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

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage with a short lease

The propensity since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Consett lease extensions?

Irrespective of whether you are a tenant or a landlord in Consett,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Consett valuers.

Consett Lease Extension Case Summaries:

Melissa, Consett, County Durham,

In the wake of 6 months of protracted discussions with the landlord of her one bedroom apartment in Consett, Melissa started the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in July 2015. The freeholder’s fees were kept to an absolute minimum.

Consett case:

In 2009 we were contacted by Ms D Lewis who, having purchased a one bedroom flat in Consett in April 2001. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical homes in Consett with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £45 billed annually. The lease elapsed in 2098. Having 72 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.

Consett case:

In 2013 we were approached by Dr I Parker who, having took over the lease of a one bedroom flat in Consett in May 2009. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Similar premises in Consett with 100 year plus lease were worth £233,200. The average ground rent payable was £60 invoiced annually. The lease concluded on 28 June 2087. Having 61 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of expenses.