Stop! Your Lease Extension in Porth Could Be FREE

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Many leaseholders in Porth 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 Porth 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 Porth lease extension

Main reasons to commence your Porth lease extension today:

A Porth leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Porth you actually own a long leasehold interest over your property

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not grant a mortgage on a short lease

Lending institutions are less likely to grant a loan offer on a residential property in Porth with a short lease. Some lenders simply refuse to lend on leases with under 75 years left.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

Get in touch with one of our Porth lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Porth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Porth Lease Extension Example Cases:

Georgina, Porth, Abercynon,

Trailing unsuccessful correspondence with the landlord of her basement flat in Porth, Georgina started the lease extension process just as the lease was nearing the critical 80-year mark. The lease extension was concluded in March 2010. The landlord’s costs were kept to an absolute minimum.

Porth case:

Last Summer we were approach by Mr and Mrs. P Roux , who completed a ground floor flat in Porth in June 2005. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable properties in Porth with an extended lease were worth £225,800. The average ground rent payable was £60 invoiced per annum. The lease expired on 20 September 2086. Considering the 60 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 not including expenses.

Porth case:

Last Christmas we were e-mailed by Mr and Mrs. O Martínez , who moved into a basement apartment in Porth in February 2009. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Comparative properties in Porth with an extended lease were in the region of £210,000. The mid-range ground rent payable was £50 collected monthly. The lease ended in 2106. Considering the 80 years remaining we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.