Stop! Your Lease Extension in Penkridge Could Be FREE

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Many leaseholders in Penkridge 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 Penkridge 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 start your Penkridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Penkridge property value

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

Penkridge property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not lend on a short lease

Mortgage companies are really restricting their approach as regards to properties in Penkridge with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.

What makes us experts in Penkridge lease extensions?

Regardless of whether you are a tenant or a landlord in Penkridge,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Penkridge valuers.

Penkridge Lease Extension Case Summaries:

Harvey, Penkridge, Staffordshire,

Harvey was the the leasehold proprietor of a studio apartment in Penkridge on the market with a lease of fraction over fifty eight years outstanding. Harvey informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Harvey to invoke his statutory right. Harvey obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Penkridge case:

Last Christmas we were called by Mr and Mrs. B King , who took over the lease of a purpose-built flat in Penkridge in January 1996. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparative flats in Penkridge with a long lease were worth £205,000. The average ground rent payable was £50 collected quarterly. The lease finished in 2105. Taking into account 79 years outstanding we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.

Penkridge case:

Mr Evan Khan took over the lease of a first floor apartment in Penkridge in June 2005. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Identical residencies in Penkridge with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £65 billed annually. The lease ran out in 2094. Having 68 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.