Stop! Your Lease Extension in Hirwaun Could Be FREE

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Many leaseholders in Hirwaun 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 Hirwaun 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.

Top reasons for Hirwaun lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hirwaun property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Hirwaun. Clearly, the period of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Hirwaun have the right to extend the lease for a further ninety years in accordance with statute. Do give careful deliberation before putting off your Hirwaun lease extension. Holding off that expense now likely increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred 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 in the future.

Lending institutions may not loan monies with a short lease

The propensity since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Hirwaun?

Retaining our service will provide you better control over the value of your Hirwaun leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hirwaun Lease Extension Case Summaries:

Rebecca, Hirwaun, Abercynon,

Following unsuccessful discussions with the landlord of her garden flat in Hirwaun, Rebecca initiated the lease extension process as the eighty year deadline was swiftly advancing. The legal work completed in August 2013. The landlord’s costs were kept to an absolute minimum.

Hirwaun case:

In 2011 we were e-mailed by Mrs Eleanor Gunderson who, having owned a first floor flat in Hirwaun in July 2006. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Similar flats in Hirwaun with an extended lease were worth £193,400. The average amount of ground rent was £65 billed per annum. The lease concluded on 22 October 2085. Taking into account 59 years remaining we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including fees.

Hirwaun case:

In 2013 we were contacted by Mr E Wilson who, having acquired a studio flat in Hirwaun in October 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparative flats in Hirwaun with a long lease were valued about £250,000. The average amount of ground rent was £50 invoiced yearly. The lease ran out in 2095. Having 69 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.