Stop! Your Lease Extension in Horley Could Be FREE

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Many leaseholders in Horley 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 Horley 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 Horley lease extension

Main reasons to commence your Horley lease extension today:

Increase your lease and increase your Horley property value

The value of Horley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Horley with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies will not finance a property on a short lease

Banks and building societies differ in their lending requirements. Some draw the line at seventy five years left on the lease; others may be willing to lend with anything over seventy years. With less than 60 years, it may be difficult to get a mortgage in the first place.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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 75 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Horley?

Irrespective of whether you are a tenant or a landlord in Horley,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Horley valuers.

Horley Lease Extension Case Summaries:

Rachel, Horley, Surrey,

Off the back of lengthy correspondence with the freeholder of her studio apartment in Horley, Rachel started the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was finalised in November 2015. The freeholder’s costs were restricted to below 700 GBP.

Horley case:

Dr Isabella Kelly purchased a purpose-built flat in Horley in February 2000. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Horley with an extended lease were in the region of £249,200. The average amount of ground rent was £60 collected annually. The lease elapsed in 2077. Having 51 years left we approximated the premium to the freeholder to extend the lease to be between £42,800 and £49,400 exclusive of expenses.

Horley case:

In 2014 we were phoned by Mr and Mrs. U Moore who, having acquired a purpose-built apartment in Horley in October 2007. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Horley with an extended lease were in the region of £210,600. The average ground rent payable was £45 billed every twelve months. The lease came to a finish on 8 May 2088. Considering the 62 years as a residual term we calculated the premium to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of legals.