Stop! Your Lease Extension in Fulwell Could Be FREE

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

Top reasons for lease extension now:

Increase your lease and increase your Fulwell property value

Fulwell leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Fulwell enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Fulwell you would be well advised to see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Fulwell property with a lease extension is almost the same value as a freehold

Leasehold residencies in Fulwell with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not finance a property with a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties if you need to sell your flat in Fulwell if the unexpired lease term is less than the criteria set by the majority of lenders. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Fulwell?

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

Fulwell Lease Extension Example Cases:

Freya, Fulwell, Tyne And Wear,

Subsequent to protracted discussions with the landlord of her garden apartment in Fulwell, Freya commenced the lease extension process as the eighty year deadline was swiftly nearing. The transaction was finalised in October 2005. The landlord’s charges were kept to an absolute minimum.

Fulwell case:

Mrs W White took over the lease of a first floor flat in Fulwell in September 2004. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Similar flats in Fulwell with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 collected quarterly. The lease terminated on 1 June 2101. Considering the 75 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Decision in Hounslow

An example of a Lease Extension case for a Fulwell flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired lease term was 60.45 years.