Stop! Your Lease Extension in Shinfield Could Be FREE

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Many leaseholders in Shinfield 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 Shinfield 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.

Top reasons for Shinfield lease extension

Top reasons for lease extension now:

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

Shinfield residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease 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 roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not grant a mortgage on a short lease

Most high street banks are tightening their criteria and many now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Shinfield were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Shinfield?

Retaining our service will provide you enhanced control over the value of your Shinfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Shinfield Lease Extension Example Cases:

Megan, Shinfield, Berkshire,

After protracted correspondence with the landlord of her purpose-built flat in Shinfield, Megan initiated the lease extension process just as her lease was approaching the crucial eighty-year mark. The transaction completed in October 2007. The freeholder’s charges were kept to an absolute minimum.

Shinfield case:

Mr and Mrs. D Nelson owned a purpose-built apartment in Shinfield in February 2001. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Identical flats in Shinfield with a long lease were valued around £255,000. The mid-range amount of ground rent was £50 collected per annum. The lease lapsed in 2097. Having 71 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.

Shinfield case:

Mrs S Parker acquired a basement flat in Shinfield in July 2003. The question was if we could estimate the price would be to prolong the lease by 90 years. Identical flats in Shinfield with an extended lease were in the region of £254,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish in 2077. Given that there were 51 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 plus costs.