Stop! Your Lease Extension in Fir Vale and Wadsley Bridge Could Be FREE

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Many leaseholders in Fir Vale and Wadsley Bridge 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 Fir Vale and Wadsley Bridge 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 Fir Vale and Wadsley Bridge lease extension

Why you should commence your Fir Vale and Wadsley Bridge lease extension today:

A Fir Vale and Wadsley Bridge lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Fir Vale and Wadsley Bridge residential lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 100 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Fir Vale and Wadsley Bridge will qualify for this right; nevertheless a conveyancer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Fir Vale and Wadsley Bridge property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties where you wish to sell your flat in Fir Vale and Wadsley Bridge if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying criteria but in the main they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Fir Vale and Wadsley Bridge lease extension solicitors or enfranchisement solicitors

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

Fir Vale and Wadsley Bridge Lease Extension Example Cases:

Omar, Fir Vale and Wadsley Bridge, South Yorkshire

Two years ago Omar, came perilously near to the eighty-year threshold with the lease on his ground floor apartment in Fir Vale and Wadsley Bridge. Having purchased his flat two decades ago, the unexpired term was of minimal concern. As luck would have it, he recognised he would imminently be paying an escalated premium for a lease extension. Omar arranged for a lease extension just under the wire last August. Omar and the landlord subsequently settled on an amount of £5,000 . If he had missed the deadline, the sum would have gone up by at least £850.

Fir Vale and Wadsley Bridge case:

In 2014 we were approached by Mr S Patel who, having owned a garden flat in Fir Vale and Wadsley Bridge in May 2003. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Identical flats in Fir Vale and Wadsley Bridge with a long lease were worth £215,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease finished on 6 August 2088. Considering the 62 years left we calculated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 not including fees.

Fir Vale and Wadsley Bridge case:

Last month we were approach by Dr Emily Walker , who bought a ground floor apartment in Fir Vale and Wadsley Bridge in July 2001. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparative flats in Fir Vale and Wadsley Bridge with an extended lease were worth £265,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded in 2099. Considering the 73 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.