Stop! Your Lease Extension in Penley Could Be FREE

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Many leaseholders in Penley 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 Penley 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 Penley lease extension

Why you should start your Penley lease extension today:

Increase your lease and increase your Penley property value

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

An extended lease is almost the same value as a freehold

Leasehold premises in Penley with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

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.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Penley?

Using our service gives you increased control over the value of your Penley leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Penley Lease Extension Case Studies:

Felix, Penley, Wrexham,

Felix was the the leasehold proprietor of a high value apartment in Penley on the market with a lease of fraction over sixty years left. Felix on an informal basis spoke with his freeholder being a well known Bristol-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 per annum. No ground rent would be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Penley case:

Last Christmas we were contacted by Dr Aaron Turner , who completed a one bedroom flat in Penley in April 2001. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative residencies in Penley with an extended lease were worth £260,000. The mid-range ground rent payable was £50 invoiced annually. The lease lapsed on 26 January 2099. Taking into account 73 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.

Penley case:

Mr and Mrs. C Young moved into a ground floor apartment in Penley in March 2008. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Similar residencies in Penley with 100 year plus lease were in the region of £264,000. The mid-range ground rent payable was £60 collected per annum. The lease came to a finish on 10 January 2079. Considering the 53 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 exclusive of expenses.