Stop! Your Lease Extension in Haddenham Could Be FREE

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Many leaseholders in Haddenham 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 Haddenham 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 Haddenham lease extension

Main reasons to start your Haddenham lease extension today:

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

Haddenham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Haddenham tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Haddenham you would be well advised to check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders will not finance a property on a short lease

The propensity since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

The conveyancers that we work with procure Haddenham 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 lawyer we work with provide it.

Haddenham Lease Extension Case Summaries:

Rhiannon, Haddenham, Buckinghamshire,

Off the back of lengthy negotiations with the freeholder of her one bedroom flat in Haddenham, Rhiannon commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The lease extension was concluded in August 2008. The landlord’s charges were kept to an absolute minimum.

Haddenham case:

In 2010 we were e-mailed by Mrs Alexandra Davies who, having owned a one bedroom apartment in Haddenham in June 2009. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical premises in Haddenham with an extended lease were valued around £233,200. The average ground rent payable was £60 collected yearly. The lease expired in 2087. Given that there were 61 years remaining we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including legals.

Haddenham case:

Mr Sebastian Green owned a first floor flat in Haddenham in July 2009. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparative premises in Haddenham with 100 year plus lease were in the region of £166,800. The average amount of ground rent was £50 collected every twelve months. The lease ended on 7 May 2076. Considering the 50 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 plus expenses.