Stop! Your Lease Extension in Fillongley Could Be FREE

Get a Free Case Review
Many leaseholders in Fillongley 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 Fillongley 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 Fillongley lease extension

Main reasons to commence your Fillongley lease extension today:

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

Chances are that where you own a flat in Fillongley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Fillongley property being difficult to dispose of or refinance.

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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
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.

What makes us experts in Fillongley lease extensions?

Using our service will provide you increased control over the value of your Fillongley leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Fillongley Lease Extension Case Summaries:

Catherine, Fillongley, Warwickshire,

Trailing lengthy correspondence with the freeholder of her first floor flat in Fillongley, Catherine started the lease extension process just as her lease was approaching the all-important 80-year deadline. The transaction completed in September 2014. The landlord’s charges were negotiated to approximately 650 GBP.

Fillongley case:

Mr L Edwards took over the lease of a one bedroom apartment in Fillongley in April 1995. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Fillongley with an extended lease were in the region of £240,600. The average amount of ground rent was £60 collected monthly. The lease ended on 20 August 2088. Given that there were 62 years as a residual term we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including expenses.

Fillongley case:

Last Christmas we were e-mailed by Dr R Simon , who acquired a one bedroom flat in Fillongley in August 2011. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable residencies in Fillongley with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 collected annually. The lease ended in 2077. Given that there were 51 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus costs.