Stop! Your Lease Extension in Hurworth Could Be FREE

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Many leaseholders in Hurworth 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 Hurworth 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 Hurworth lease extension

Main reasons to commence your Hurworth lease extension today:

Increase your lease and increase your Hurworth property value

Chances are that if you own a flat in Hurworth you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Hurworth with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not grant a mortgage on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Hurworth property being difficult to dispose of or remortgage.

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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Hurworth lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your Hurworth leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hurworth Lease Extension Case Summaries:

Abbie, Hurworth, County Durham,

After unsuccessful negotiations with the landlord of her basement flat in Hurworth, Abbie started the lease extension process just as her lease was nearing the critical eighty-year mark. The legal work completed in January 2009. The freeholder’s charges were negotiated to approximately 700 GBP.

Hurworth case:

Last year we were called by Ms R Roux , who took over the lease of a ground floor apartment in Hurworth in September 2001. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparable residencies in Hurworth with 100 year plus lease were worth £210,600. The mid-range amount of ground rent was £45 invoiced annually. The lease ended in 2088. Considering the 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of fees.

Hurworth case:

Mr and Mrs. P Wood owned a recently refurbished flat in Hurworth in July 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Similar homes in Hurworth with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 collected yearly. The lease elapsed in 2099. Considering the 73 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.