Stop! Your Lease Extension in Fowey Could Be FREE

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Many leaseholders in Fowey 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 Fowey 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 commence your Fowey lease extension

Why you should commence your Fowey lease extension today:

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

The market value of Fowey 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 80 years

Fowey property with a lease extension has roughly the same value as a freehold

It is generally accepted 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 property will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold homes. Some will simply refuse lend at all once the remaining lease term slips lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your Fowey property.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
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.

What makes us experts in Fowey lease extensions?

Lease extensions in Fowey can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Fowey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Fowey Lease Extension Example Cases:

Bethan, Fowey, Cornwall,

Off the back of lengthy correspondence with the freeholder of her studio apartment in Fowey, Bethan started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The legal work was finalised in October 2013. The freeholder’s charges were kept to an absolute minimum.

Fowey case:

Last Christmas we were contacted by Mr and Mrs. J Kelly , who completed a one bedroom flat in Fowey in July 2011. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparative properties in Fowey with an extended lease were worth £246,800. The average amount of ground rent was £60 billed yearly. The lease elapsed in 2076. Considering the 50 years remaining we calculated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 plus professional charges.

Fowey case:

Mr and Mrs. M Laurent moved into a garden apartment in Fowey in September 2008. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Identical homes in Fowey with an extended lease were in the region of £203,200. The average ground rent payable was £65 invoiced per annum. The lease concluded in 2087. Having 61 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 plus expenses.