Stop! Your Lease Extension in Old Town Could Be FREE

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Many leaseholders in Old Town 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 Old Town 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 Old Town lease extension

Top reasons for lease extension now:

A Old Town leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

Leasehold premises in Old Town with more than one hundred 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 premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to loan monies on a short lease

Lenders are really restricting their approach as regards to homes in Old Town with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective purchasers.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.

What makes us experts in Old Town lease extensions?

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

Old Town Lease Extension Example Cases:

Tyler, Old Town, Wiltshire

16 months ago Tyler, came critically near to the 80-year threshold with the lease on his studio apartment in Old Town. Having purchased his property two decades ago, the length of the lease was of little importance. Fortunately, he became aware that he would imminently be paying an escalated premium for Extending the lease. Tyler extended the lease at the eleventh hour last January. Tyler and the landlord in the end agreed on the final figure of £5,000 . If the lease had slipped below eighty years, the figure would have become more exhorbitant by a minimum £1,050.

Old Town case:

In 2010 we were phoned by Mr and Mrs. N Cooper who, having owned a one bedroom flat in Old Town in August 2008. The question was if we could estimate the price would be for a ninety year lease extension. Comparative homes in Old Town with a long lease were valued about £235,600. The mid-range ground rent payable was £60 invoiced per annum. The lease lapsed in 2088. Having 62 years remaining we approximated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus expenses.

Old Town case:

Last March we were contacted by Mrs Alisha Wright , who took over the lease of a studio flat in Old Town in October 2009. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Comparable premises in Old Town with a long lease were worth £174,200. The mid-range ground rent payable was £55 collected per annum. The lease expired in 2077. Given that there were 51 years outstanding we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including costs.