Stop! Your Lease Extension in Pentre Halkyn Could Be FREE

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Many leaseholders in Pentre Halkyn 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 Pentre Halkyn 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.

Top reasons for Pentre Halkyn lease extension

Main reasons to start your Pentre Halkyn lease extension today:

Increase your lease and increase your Pentre Halkyn property value

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

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

Leasehold premises in Pentre Halkyn with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

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

The propensity since the credit crunch has been for lenders to tighten lending criteria across the board - 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 banks has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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.
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.
Leeds Building Society 85 years remaining from the start 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 Pentre Halkyn lease extensions?

Engaging our service gives you increased control over the value of your Pentre Halkyn leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Pentre Halkyn Lease Extension Example Cases:

Harrison, Pentre Halkyn, Flintshire

Half a year ago Harrison, came very near to the 80-year mark with the lease on his basement flat in Pentre Halkyn. Having purchased his home 18 years previously, the length of the lease was of little relevance. by good luck, he became aware that he would soon be paying way over the odds for a lease extension. Harrison extended the lease just in the nick of time last May. Harrison and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If he failed to meet the deadline, the sum would have increased by a minimum £900.

Pentre Halkyn case:

Last year we were called by Dr Jessica Dupont , who owned a studio flat in Pentre Halkyn in March 2000. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Pentre Halkyn with a long lease were valued about £200,000. The average amount of ground rent was £50 invoiced quarterly. The lease lapsed on 8 January 2104. Given that there were 78 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.

Pentre Halkyn case:

In 2013 we were phoned by Mr W Stewart who, having acquired a recently refurbished flat in Pentre Halkyn in January 1996. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar residencies in Pentre Halkyn with 100 year plus lease were valued about £267,600. The average amount of ground rent was £65 invoiced quarterly. The lease concluded in 2093. Considering the 67 years unexpired we estimated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 plus legals.