Stop! Your Lease Extension in Shenstone Could Be FREE

Get a Free Case Review
Many leaseholders in Shenstone 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 Shenstone 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 start your Shenstone lease extension

Top reasons for lease extension now:

Increase your lease and increase your Shenstone property value

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

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

Leasehold premises in Shenstone with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not finance a property on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Halifax Minimum 70 years from the date of the mortgage.

What makes us experts in Shenstone lease extensions?

Using our service gives you increased control over the value of your Shenstone leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Shenstone Lease Extension Case Studies:

Anna, Shenstone, Staffordshire,

In the wake of eight months of lengthy discussions with the freeholder of her ground floor apartment in Shenstone, Anna commenced the lease extension process as the 80 year mark was rapidly advancing. The legal work completed in October 2008. The landlord’s fees were negotiated to approximately 500 GBP.

Shenstone case:

In 2014 we were contacted by Ms H Davies who, having purchased a studio flat in Shenstone in October 2006. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative premises in Shenstone with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease ran out in 2099. Taking into account 73 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.

Shenstone case:

Last Winter we were phoned by Dr B Moore , who acquired a basement apartment in Shenstone in August 2004. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Identical flats in Shenstone with a long lease were valued about £240,600. The mid-range amount of ground rent was £60 billed annually. The lease elapsed on 7 May 2088. Having 62 years unexpired we approximated the premium to the landlord to extend the lease to be between £21,900 and £25,200 plus costs.