Silverton Lease Extension - Free Consultation

Before you progress with your lease extension in Silverton
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Silverton lease extension

Why you should commence your Silverton lease extension today:

Increase your lease and increase your Silverton property value

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

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may not loan monies on a short lease

The trend since 2008 has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

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

The conveyancers that we work with procure Silverton 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 conveyancing solicitor we work with provide it.

Silverton Lease Extension Case Studies:

Bethan, Silverton, Devon,

Subsequent to unsuccessful negotiations with the landlord of her leasehold apartment in Silverton, Bethan started the lease extension process as the 80 year deadline was fast nearing. The legal work completed in February 2013. The landlord’s fees were kept to an absolute minimum.

Silverton case:

Dr Robyn Hill moved into a one bedroom apartment in Silverton in March 2000. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Silverton with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 invoiced yearly. The lease lapsed in 2099. Having 75 years outstanding we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.

Silverton case:

Last Christmas we were contacted by Mrs M Moore , who owned a garden flat in Silverton in September 1999. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Similar homes in Silverton with an extended lease were valued about £250,400. The average amount of ground rent was £65 invoiced every twelve months. The lease terminated on 12 February 2088. Taking into account 64 years unexpired we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 not including legals.