Stop! Your Lease Extension in Old Windsor Could Be FREE

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Many leaseholders in Old Windsor 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 Windsor 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 Old Windsor lease extension

Main reasons to commence your Old Windsor lease extension today:

A Old Windsor lease depreciates with the years remaining on the lease.

The value of Old Windsor leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than 80 years

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

Leasehold premises in Old Windsor with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not lend with a short lease

The propensity since the credit crunch has been for lenders to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

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.
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.
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.
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

Why use us for your lease extension in Old Windsor?

Lease extensions in Old Windsor can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Old Windsor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Old Windsor Lease Extension Example Cases:

Max, Old Windsor, Berkshire

In 2014 Max, came perilously near to the eighty-year mark with the lease on his garden flat in Old Windsor. Having bought his flat 19 years previously, the length of the lease was of minimal concern. Luckily, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Max extended the lease just in the nick of time last August. Max and the landlord who owned the flat above in the end settled on an amount of £5,000 . If he had missed the deadline, the premium would have become more costly by at least £1,125.

Old Windsor case:

In 2013 we were phoned by Dr Kyle Turner who, having completed a ground floor apartment in Old Windsor in February 2009. The question was if we could estimate the premium would likely be for a 90 year lease extension. Similar residencies in Old Windsor with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease elapsed in 2104. Considering the 78 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.

Old Windsor case:

Last Summer we were called by Mr and Mrs. K Fournier , who took over the lease of a purpose-built flat in Old Windsor in November 2010. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar premises in Old Windsor with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 billed every twelve months. The lease lapsed on 5 August 2093. Taking into account 67 years outstanding we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 not including professional charges.