Darwen Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Darwen
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Darwen lease extension

Main reasons to commence your Darwen lease extension today:

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

The only way is down when it comes to Darwen lease terms. Darwen properties that have a remaining term shorter than 80 years will drop in market price at a rapid rate, and the cost of extending your lease will rise.

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

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Darwen property being difficult to dispose of or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Halifax Minimum 70 years from the date of the mortgage.

Why use us for your lease extension in Darwen?

Using our service gives you increased control over the value of your Darwen leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Darwen Lease Extension Case Studies:

Jodie, Darwen, Lancashire,

In the wake of eight months of lengthy negotiations with the landlord of her two bedroom apartment in Darwen, Jodie started the lease extension process as the eighty year threshold was swiftly advancing. The lease extension completed in October 2005. The landlord’s fees were kept to an absolute minimum.

Darwen case:

Dr O Lambert was assigned a lease of a first floor flat in Darwen in March 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Darwen with an extended lease were worth £261,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease lapsed in 2077. Given that there were 52 years remaining we estimated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 not including professional charges.

Darwen case:

Last Summer we were e-mailed by Mr and Mrs. M André , who purchased a garden apartment in Darwen in July 2000. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Similar residencies in Darwen with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 collected per annum. The lease finished in 2088. Given that there were 63 years left we calculated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 plus legals.