Stop! Your Lease Extension in Elland Could Be FREE

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Many leaseholders in Elland 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 Elland 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 Elland lease extension

Why you should commence your Elland lease extension today:

A Elland lease depreciates with the years remaining on the lease.

The value of Elland leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than eighty years

Elland property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

Mortgage Lenders are distinct in their lending criteria. Some draw the line at seventy five years remaining on the lease; others may be content with anything with more than seventy years. Below sixty years, it may be impossible to get a mortgage in the first place.

Lender Requirement
Barclays plc
Barnsley Building Society
Birmingham Midshires
National Westminster Bank
Royal Bank of Scotland

What makes us experts in Elland lease extensions?

The lawyers that we work with undertake Elland 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 conveyancing solicitor we work with provide it.

Elland Lease Extension Example Cases:

Phoebe, Elland, West Yorkshire,

Off the back of unsuccessful discussions with the landlord of her ground floor flat in Elland, Phoebe initiated the lease extension process just as the lease was coming close to the crucial eighty-year mark. The lease extension was concluded in February 2011. The freeholder’s charges were kept to an absolute minimum.

Elland case:

Last month we were approach by Mr and Mrs. V David , who owned a first floor apartment in Elland in August 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative residencies in Elland with 100 year plus lease were worth £250,400. The average amount of ground rent was £65 collected yearly. The lease expiry date was in 2090. Considering the 64 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 not including professional charges.

Elland case:

Dr W Hall moved into a studio apartment in Elland in January 2010. We are asked if we could estimate the price would be to prolong the lease by 90 years. Similar premises in Elland with a long lease were valued around £189,000. The mid-range amount of ground rent was £55 billed yearly. The lease terminated in 2079. Having 53 years remaining we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.