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.

Main reasons to start your Slade Green lease extension

Top reasons for lease extension now:

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

The market value of a leasehold property in Slade Green is impacted by how many years the lease has left to run. If it is near to or less than 80 years you should anticipate problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is ideal to start the process of extending the lease is when the lease still has 82 years to run so that a lease extension can be concluded ahead of the eighty year cut off point. Statute entitles Slade Green qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Slade Green with over one hundred years unexpired 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 premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not lend with a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. Historically banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.

Why use us for your lease extension in Slade Green?

Regardless of whether you are a tenant or a freeholder in Slade Green,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Slade Green valuers.

Slade Green Lease Extension Case Summaries:

Hollie, Slade Green, Kent,

After lengthy correspondence with the landlord of her basement apartment in Slade Green, Hollie started the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension completed in May 2007. The landlord’s charges were kept to an absolute minimum.

Slade Green case:

In 2014 we were approached by Dr Sophia Mitchell who, having took over the lease of a first floor flat in Slade Green in May 2006. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Identical flats in Slade Green with an extended lease were in the region of £250,400. The average ground rent payable was £65 collected yearly. The lease came to a finish on 23 August 2090. Having 64 years unexpired we calculated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including professional charges.

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 affected 13 flats. The unexpired term was 76 years.