Stop! Your Lease Extension in Darley Abbey Could Be FREE

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Many leaseholders in Darley Abbey 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 Darley Abbey 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.

Why you should start your Darley Abbey lease extension

Why you should start your Darley Abbey lease extension today:

Increase your lease and increase your Darley Abbey property value

Darley Abbey leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Darley Abbey tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Darley Abbey you should see if your lease has between seventy and ninety years remaining. There are good reasons why a Darley Abbey flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is put in place without delay

Darley Abbey property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies with a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to experience difficulties where you wish to sell your flat in Darley Abbey if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but in the main 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.
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.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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

Get in touch with one of our Darley Abbey lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Darley Abbey leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Darley Abbey Lease Extension Case Studies:

Blake, Darley Abbey, Derbyshire,

Blake owned a studio flat in Darley Abbey on the market with a lease of a few days over fifty eight years left. Blake on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Blake to invoke his statutory right. Blake obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Darley Abbey case:

Last year we were approach by Dr Michael Martin , who was assigned a lease of a first floor flat in Darley Abbey in March 2002. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar residencies in Darley Abbey with a long lease were worth £280,000. The average ground rent payable was £45 billed per annum. The lease end date was on 10 June 2095. Given that there were 69 years remaining we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.

Darley Abbey case:

Last month we were called by Mrs Jasmine Thomas , who purchased a basement flat in Darley Abbey in June 2007. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative flats in Darley Abbey with 100 year plus lease were valued about £216,000. The average ground rent payable was £60 invoiced every twelve months. The lease terminated on 7 November 2084. Taking into account 58 years outstanding we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus fees.