Stop! Your Lease Extension in Silsoe Could Be FREE

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Many leaseholders in Silsoe 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 Silsoe 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 Silsoe lease extension

Top reasons for lease extension now:

A Silsoe leasehold property depreciates with the years remaining on the lease.

Silsoe leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Silsoe tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Silsoe you really ought to see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Silsoe flat owner with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of your property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Why use us for your lease extension in Silsoe?

The conveyancers that we work with procure Silsoe lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Silsoe Lease Extension Case Studies:

Poppy, Silsoe, Bedfordshire,

Trailing unsuccessful negotiations with the freeholder of her first floor apartment in Silsoe, Poppy started the lease extension process as the eighty year deadline was quickly nearing. The legal work was finalised in July 2007. The freeholder’s charges were restricted to about 550 GBP.

Silsoe case:

In 2009 we were contacted by Mr F Anderson who, having bought a one bedroom flat in Silsoe in August 2000. The question was if we could estimate the price would likely be to extend the lease by ninety years. Comparable residencies in Silsoe with a long lease were in the region of £198,800. The average ground rent payable was £55 collected yearly. The lease ran out on 23 August 2081. Given that there were 55 years left we estimated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus costs.

Silsoe case:

Last Summer we were contacted by Mrs Alisha Sánchez , who moved into a ground floor flat in Silsoe in October 1995. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Identical residencies in Silsoe with a long lease were worth £300,000. The mid-range ground rent payable was £50 billed annually. The lease expired on 26 November 2101. Taking into account 75 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.