Stop! Your Lease Extension in Goodrich Could Be FREE

Many leaseholders in Goodrich 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 Goodrich 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 Goodrich lease extension


Main reasons to start your Goodrich lease extension today:

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

It’s an underpublicised truth that a Goodrich residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Goodrich property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be due. The majority of leasehold owners in Goodrich will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold premises in Goodrich with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not finance a property on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Goodrich property becoming difficult to dispose of or refinance.

Lender Requirement
Bank of Scotland
Birmingham Midshires
Santander
TSB
The Mortgage Works

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

Lease extensions in Goodrich can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 a wealth of experience procuring Goodrich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Goodrich Lease Extension Case Studies:

Rosie, Goodrich, Herefordshire,

Trailing protracted negotiations with the freeholder of her two bedroom flat in Goodrich, Rosie initiated the lease extension process just as her lease was nearing the critical 80-year deadline. The transaction was concluded in August 2005. The freeholder’s costs were negotiated to about 600 pounds.

Goodrich case:

In 2013 we were phoned by Dr Lydia Pérez who, having completed a purpose-built apartment in Goodrich in February 2002. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Identical residencies in Goodrich with 100 year plus lease were in the region of £184,000. The average amount of ground rent was £55 invoiced every twelve months. The lease ended in 2079. Given that there were 53 years outstanding we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including fees.

Goodrich case:

Last April we were contacted by Mr and Mrs. R Moore , who was assigned a lease of a basement flat in Goodrich in November 2003. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative properties in Goodrich with an extended lease were valued around £290,000. The average amount of ground rent was £45 collected quarterly. The lease came to a finish on 8 February 2099. Considering the 73 years remaining we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.