Stop! Your Lease Extension in Datchet and Langley Could Be FREE

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Many leaseholders in Datchet and Langley 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 Datchet and Langley 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 commence your Datchet and Langley lease extension

Main reasons to start your Datchet and Langley lease extension today:

A Datchet and Langley lease depreciates with the years remaining on the lease.

Datchet and Langley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Datchet and Langley residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Datchet and Langley you must see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Datchet and Langley leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Datchet and Langley with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to loan monies with a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
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.
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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire 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.

Get in touch with one of our Datchet and Langley lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Datchet and Langley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Datchet and Langley Lease Extension Case Studies:

Rhiannon, Datchet and Langley, Berkshire,

After protracted correspondence with the freeholder of her two bedroom flat in Datchet and Langley, Rhiannon commenced the lease extension process just as the lease was nearing the crucial eighty-year threshold. The transaction was finalised in April 2013. The landlord’s fees were negotiated to slightly above 500 pounds.

Datchet and Langley case:

In 2014 we were phoned by Mrs S Smith who, having completed a garden apartment in Datchet and Langley in July 2000. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable flats in Datchet and Langley with a long lease were worth £250,000. The mid-range ground rent payable was £50 invoiced yearly. The lease came to a finish in 2096. Considering the 70 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Datchet and Langley 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 lease term was 69 years.