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.

Main reasons to commence your Horley lease extension

Main reasons to commence your Horley lease extension today:

A Horley lease depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Horley have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Horley lease extension. Shelving that expense today simply escalates the premium you will eventually have to pay for a lease extension.

Horley property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Lenders are making their criteria more stringent and many now require flats to have at least 60 if not 70 years remaining at the end of the mortgage. Given that many flats in Horley were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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.
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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.

Why use us for your lease extension in Horley?

Regardless of whether you are a tenant or a landlord in Horley,the lease extension solicitors 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 Example Cases:

Jonathan, Horley, Surrey

Half a year ago Jonathan, came perilously close to the eighty-year mark with the lease on his basement flat in Horley. In buying his flat 18 years ago, the unexpired term was of minimal relevance. Fortunately, he became aware that he needed to take steps soon on a lease extension. Jonathan extended the lease just ahead of time last June. Jonathan and the freeholder ultimately settled on a premium of £6,000 . If he not met the deadline, the figure would have escalated by a minimum £925.

Horley case:

Mr and Mrs. K Díaz owned a ground floor flat in Horley in June 2004. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative premises in Horley with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 collected every twelve months. The lease end date was on 25 June 2096. Considering the 70 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.

Horley case:

In 2013 we were contacted by Mr and Mrs. B Baker who, having purchased a garden flat in Horley in September 2009. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Horley with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced annually. The lease ran out in 2076. Having 50 years remaining we calculated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 exclusive of legals.