Stop! Your Lease Extension in Rothbury Could Be FREE

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Many leaseholders in Rothbury 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 Rothbury 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 Rothbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rothbury property value

The market value of Rothbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than 80 years

Rothbury property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
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.
Godiva Mortgages 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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire 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.

What makes us experts in Rothbury lease extensions?

Lease extensions in Rothbury can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Rothbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rothbury Lease Extension Example Cases:

Maisie, Rothbury, Northumberland,

After protracted discussions with the freeholder of her studio apartment in Rothbury, Maisie commenced the lease extension process just as her lease was coming close to the critical 80-year mark. The transaction completed in June 2008. The freeholder’s fees were restricted to below 450 GBP.

Rothbury case:

Last Spring we were e-mailed by Dr N David , who took over the lease of a one bedroom flat in Rothbury in April 1997. We are asked if we could approximate the premium would be to extend the lease by ninety years. Similar properties in Rothbury with 100 year plus lease were worth £189,000. The mid-range amount of ground rent was £55 billed monthly. The lease concluded in 2079. Considering the 53 years unexpired we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of legals.

Rothbury case:

Last Autumn we were phoned by Dr I Martin , who owned a one bedroom apartment in Rothbury in October 2000. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar flats in Rothbury with a long lease were worth £290,000. The mid-range ground rent payable was £45 billed every twelve months. The lease came to a finish in 2099. Given that there were 73 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including fees.