Stop! Your Lease Extension in Guildford Could Be FREE

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

Why you should commence your Guildford lease extension today:

Increase your lease and increase your Guildford property value

Guildford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Guildford residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Guildford you really ought to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Guildford leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay

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

Leasehold residencies in Guildford with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not grant a mortgage on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Coventry Building Society 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.
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.

Why use us for your lease extension in Guildford?

The lawyers that we work with procure Guildford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Guildford Lease Extension Example Cases:

Aimee, Guildford, Surrey,

Trailing unsuccessful discussions with the freeholder of her studio apartment in Guildford, Aimee started the lease extension process just as her lease was nearing the critical 80-year threshold. The lease extension was concluded in May 2012. The freeholder’s fees were restricted to slightly above 700 GBP.

Guildford case:

Ms Chloe Fournier owned a ground floor flat in Guildford in January 2010. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative homes in Guildford with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 invoiced monthly. The lease ended in 2104. Considering the 78 years outstanding we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus legals.

Guildford case:

Mr N López took over the lease of a first floor apartment in Guildford in August 2001. The dilemma was if we could approximate the price would likely be to prolong the lease by an additional years. Similar residencies in Guildford with a long lease were worth £267,600. The mid-range amount of ground rent was £65 collected annually. The lease came to a finish on 10 November 2093. Having 67 years left we calculated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 not including legals.