Stop! Your Lease Extension in Cowley Could Be FREE

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Many leaseholders in Cowley 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 Cowley 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 Cowley lease extension

Top reasons for lease extension now:

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

For those whose Cowley home is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies will not finance a property on a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Cowley were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Cowley?

Irrespective of whether you are a tenant or a freeholder in Cowley,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cowley valuers.

Cowley Lease Extension Example Cases:

Jonathan, Cowley, West London

Last Autumn Jonathan, started to get near to the 80-year mark with the lease on his studio flat in Cowley. Having bought his flat two decades ago, the length of the lease was of little importance. Luckily, he noticed he needed to take steps soon on Extending the lease. Jonathan was able to extend his lease at the eleventh hour last January. Jonathan and the freeholder eventually agreed on an amount of £5,000 . If the lease had dipped lower than 80 years, the premium would have escalated by a minimum £1,125.

Cowley case:

Mr David Martin completed a ground floor apartment in Cowley in March 2012. We are asked if we could estimate the price would be to prolong the lease by ninety years. Comparable residencies in Cowley with a long lease were in the region of £201,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease finished in 2082. Taking into account 56 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of legals.

Decision in Hillingdon

An example of a Freehold Enfranchisement case for a Cowley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The unexpired term was 69 years.