Stop! Your Lease Extension in Paddock Wood Could Be FREE

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Many leaseholders in Paddock Wood 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 Paddock Wood 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 Paddock Wood lease extension

Main reasons to commence your Paddock Wood lease extension today:

A Paddock Wood lease depreciates with the years remaining on the lease.

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

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage with a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 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.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Paddock Wood lease extensions?

Lease extensions in Paddock Wood can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 dealing with Paddock Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Paddock Wood Lease Extension Example Cases:

Sophie, Paddock Wood, Kent,

Off the back of unsuccessful correspondence with the landlord of her basement apartment in Paddock Wood, Sophie started the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction completed in November 2006. The landlord’s costs were kept to an absolute minimum.

Paddock Wood case:

Ms Sarah David purchased a basement apartment in Paddock Wood in January 2004. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparative residencies in Paddock Wood with an extended lease were in the region of £260,000. The mid-range ground rent payable was £50 collected per annum. The lease expiry date was in 2098. Having 72 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.

Paddock Wood case:

Last Christmas we were approach by Mrs E Watson , who moved into a basement apartment in Paddock Wood in May 1997. The dilemma was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical homes in Paddock Wood with a long lease were valued around £256,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease terminated in 2078. Given that there were 52 years left we estimated the premium to the landlord for the lease extension to be within £39,000 and £45,000 exclusive of legals.