Stop! Your Lease Extension in Slade Green Could Be FREE

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Many leaseholders in Slade Green 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 Slade Green 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 Slade Green lease extension

Why you should commence your Slade Green lease extension today:

A Slade Green lease depreciates with the years remaining on the lease.

The value of Slade Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is below than eighty years

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may 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 property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

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.
Coventry Building Society 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.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Retaining our service will provide you better control over the value of your Slade Green leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Slade Green Lease Extension Case Summaries:

Maisie, Slade Green, Kent,

Off the back of lengthy correspondence with the freeholder of her purpose-built apartment in Slade Green, Maisie initiated the lease extension process as the eighty year mark was fast coming. The transaction completed in March 2012. The freeholder’s fees were restricted to approximately 500 pounds.

Slade Green case:

Ms Millie Lambert purchased a ground floor flat in Slade Green in April 1998. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative residencies in Slade Green with a long lease were in the region of £285,000. The average ground rent payable was £45 collected monthly. The lease finished in 2098. Taking into account 72 years remaining we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.

Decision in Bexley

An example of a Lease Extension matter before the tribunal for a Slade Green residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.