Stop! Your Lease Extension in Little Bromwich Could Be FREE

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Many leaseholders in Little Bromwich 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 Little Bromwich 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 Little Bromwich lease extension

Why you should start your Little Bromwich lease extension today:

Increase your lease and increase your Little Bromwich property value

Chances are that where you own a flat in Little Bromwich you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Little Bromwich with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Banks and building societies are really clamping down as regards to properties in Little Bromwich with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting the amount of potential purchasers.

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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Little Bromwich lease extensions?

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

Little Bromwich Lease Extension Case Studies:

Jordan, Little Bromwich, Birmingham,

In the wake of 6 months of protracted discussions with the landlord of her two bedroom apartment in Little Bromwich, Jordan started the lease extension process just as the lease was approaching the crucial eighty-year threshold. The lease extension was finalised in July 2013. The landlord’s charges were restricted to a tad over 600 GBP.

Little Bromwich case:

Last year we were phoned by Mr and Mrs. P Johnson , who purchased a purpose-built flat in Little Bromwich in January 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative homes in Little Bromwich with an extended lease were worth £210,000. The average amount of ground rent was £50 invoiced yearly. The lease ran out in 2106. Considering the 80 years remaining we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.

Little Bromwich case:

In 2010 we were approached by Mr and Mrs. A Mercier who, having purchased a purpose-built flat in Little Bromwich in November 2012. The question was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative premises in Little Bromwich with a long lease were in the region of £275,000. The average amount of ground rent was £45 collected every twelve months. The lease came to a finish in 2095. Taking into account 69 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.