Stop! Your Lease Extension in Fowey Could Be FREE

Get a Free Case Review
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 start your Fowey lease extension

Why you should start your Fowey lease extension today:

Increase your lease and increase your Fowey property value

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 cost of a lease extension can increase materialy once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Fowey with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to finance a property on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You are likely to encounter problems if you need to sell your flat in Fowey if the remaining term of your lease is under the criteria set by most lenders. Different lenders have varying requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date 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.

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

Irrespective of whether you are a tenant or a freeholder in Fowey,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fowey valuers.

Fowey Lease Extension Example Cases:

Isabel, Fowey, Cornwall,

Subsequent to lengthy negotiations with the freeholder of her one bedroom apartment in Fowey, Isabel started the lease extension process as the eighty year mark was fast nearing. The transaction was finalised in June 2013. The landlord’s charges were negotiated to approximately 550 GBP.

Fowey case:

In 2013 we were e-mailed by Dr I Ali who, having purchased a garden apartment in Fowey in April 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Similar properties in Fowey with an extended lease were valued about £285,000. The average amount of ground rent was £55 collected monthly. The lease terminated in 2105. Considering the 79 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of expenses.

Fowey case:

Last Summer we were approach by Mr and Mrs. K Morris , who took over the lease of a basement apartment in Fowey in February 1998. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative residencies in Fowey with an extended lease were valued around £193,400. The average amount of ground rent was £65 billed annually. The lease elapsed on 14 November 2085. Given that there were 59 years remaining we estimated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.