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.

Main reasons to start your Rothbury lease extension

Main reasons to start your Rothbury lease extension today:

A Rothbury lease depreciates with the years remaining on the lease.

The 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 eighty years

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Rothbury if the unexpired term of your lease is under the criteria set by most mortgage companies. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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 75 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Rothbury lease extensions?

Irrespective of whether you are a tenant or a landlord in Rothbury,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Rothbury valuers.

Rothbury Lease Extension Case Studies:

Jennifer, Rothbury, Northumberland,

After unsuccessful discussions with the freeholder of her garden flat in Rothbury, Jennifer commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The lease extension was concluded in February 2010. The freeholder’s fees were negotiated to below 650 pounds.

Rothbury case:

Last Summer we were called by Mr and Mrs. M Watson , who acquired a ground floor flat in Rothbury in July 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Rothbury with an extended lease were in the region of £230,800. The mid-range amount of ground rent was £60 billed monthly. The lease terminated in 2086. Given that there were 60 years remaining we approximated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 not including costs.

Rothbury case:

Last August we were called by Mr and Mrs. G Roberts , who was assigned a lease of a newly refurbished flat in Rothbury in November 2004. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Rothbury with a long lease were worth £210,000. The mid-range ground rent payable was £50 billed monthly. The lease elapsed on 7 January 2106. Considering the 80 years remaining we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.