Stop! Your Lease Extension in Shrewsbury Could Be FREE

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Many leaseholders in Shrewsbury 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 Shrewsbury 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 Shrewsbury lease extension

Main reasons to start your Shrewsbury lease extension today:

Increase your lease and increase your Shrewsbury property value

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

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

Leasehold residencies in Shrewsbury with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not finance a property with a short lease

Mortgage companies do not like short residential leases. You are likely to encounter problems where you want to sell your flat in Shrewsbury if the remaining term of your lease is less than the criteria set by most lenders. Different mortgage companies have varying criteria but on the whole theyrequire 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Halifax Minimum 70 years from the date of the mortgage.
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.

Get in touch with one of our Shrewsbury lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Shrewsbury,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 experience and the close ties they enjoy with Shrewsbury valuers.

Shrewsbury Lease Extension Example Cases:

Chloe, Shrewsbury, Shropshire,

Subsequent to unsuccessful correspondence with the freeholder of her studio apartment in Shrewsbury, Chloe started the lease extension process as the 80 year mark was fast advancing. The legal work was finalised in June 2009. The freeholder’s charges were negotiated to less than 700 pounds.

Shrewsbury case:

Dr S Watson took over the lease of a purpose-built flat in Shrewsbury in September 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar premises in Shrewsbury with an extended lease were valued around £191,400. The average ground rent payable was £55 collected annually. The lease ended in 2080. Considering the 54 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of expenses.

Shrewsbury case:

Dr M Gómez acquired a studio flat in Shrewsbury in November 1995. The question was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparable properties in Shrewsbury with an extended lease were in the region of £295,000. The average ground rent payable was £45 invoiced annually. The lease terminated on 15 May 2100. Given that there were 74 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.