Stop! Your Lease Extension in Pound Hill Could Be FREE

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Many leaseholders in Pound Hill 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 Pound Hill 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 Pound Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pound Hill property value

Pound Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Pound Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Pound Hill you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

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

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Pound Hill?

The conveyancers that we work with procure Pound Hill 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 lawyer we work with provide it.

Pound Hill Lease Extension Example Cases:

Tommy, Pound Hill, West Sussex,

Tommy was the the leasehold owner of a conversion apartment in Pound Hill being sold with a lease of fraction over 59 years left. Tommy informally spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Tommy to exercise his statutory right. Tommy obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Pound Hill case:

In 2013 we were e-mailed by Mr Jamie Mitchell who, having acquired a first floor flat in Pound Hill in July 2012. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar flats in Pound Hill with a long lease were worth £166,800. The average ground rent payable was £50 invoiced per annum. The lease terminated in 2076. Taking into account 50 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including legals.

Pound Hill case:

Last month we were phoned by Mr P Bonnet , who owned a purpose-built apartment in Pound Hill in November 2005. We are asked if we could estimate the premium could be for a 90 year lease extension. Identical homes in Pound Hill with an extended lease were worth £280,000. The mid-range ground rent payable was £45 billed monthly. The lease ended on 9 October 2096. Given that there were 70 years remaining we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.