Stop! Your Lease Extension in Fenham Could Be FREE

Get a Free Case Review
Many leaseholders in Fenham 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 Fenham 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.

Main reasons to start your Fenham lease extension

Why you should start your Fenham lease extension today:

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

The market value of Fenham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the same 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.

Lenders will not lend with a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold property. Many will simply not lend at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Fenham home.

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

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

Using our service will provide you better control over the value of your Fenham leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Fenham Lease Extension Case Studies:

Felix, Fenham, Tyne And Wear

Last year Felix, came very close to the eighty-year mark with the lease on his first floor apartment in Fenham. Having purchased his property 18 years previously, the lease term was of minimal importance. As luck would have it, he realised he would imminently be paying an escalated premium for a lease extension. Felix extended the lease just under the wire last May. Felix and the freeholder subsequently agreed on the final figure of £5,000 . If the lease had descended lower than 80 years, the price would have become more exhorbitant by at least £1,125.

Fenham case:

Last Spring we were approach by Mr and Mrs. L Martin , who owned a studio flat in Fenham in September 2012. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Comparable flats in Fenham with a long lease were worth £191,400. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed on 28 November 2080. Considering the 54 years unexpired we estimated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of costs.

Fenham case:

In 2011 we were phoned by Mr and Mrs. O Thompson who, having took over the lease of a ground floor flat in Fenham in March 2004. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar premises in Fenham with an extended lease were in the region of £295,000. The mid-range ground rent payable was £45 collected every twelve months. The lease termination date was on 5 August 2100. Considering the 74 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.